After a shakeup at Hong Kong investment bank CSLA Ltd., former Chief Executive Officer Jonathan Slone has been replaced by Rick Gould, head of the company’s business in the Americas. Gould will move from New York to Hong Kong to take on the role, according to a company memo obtained by Bloomberg News.
Gould joined the brokerage in 2014 and has been a member of the firm’s executive committee. He previously held positions at Bloomberg LP, the parent of Bloomberg News, and Lehman Brothers Holdings Inc., where he started his career in 1983 before leaving for Morgan Stanley.
At least four CSLA senior managers also left, including Nigel Beattie, who was viewed by many as a possible successor to Slone, Bloomberg reported. The departures raised concerns among some employees that CLSA is becoming unduly influenced by Citic, China’s biggest state-owned brokerage, which is overhauling staff compensation rates, the news outlet reported.
“Citic Securities is very aware of the current shifts in the global financial markets but we are optimistic about the growth opportunities that lie ahead,” Zhang Youjun, chairman of Citic Securities and CLSA, said in the memo. “Our goal is to ensure both Citic Securities and CLSA work more closely together to develop opportunities and solutions for clients. To do that, we will provide additional resources and implement suitable business structures that will make us more efficient.”
Other changes include the recruitment of Singapore country head Andrew Hartley to lead the group’s equity sales, trading and execution. Shaun Cochran has been promoted as head of research. And Andrew Norman has been appointed CEO for the Australia business after heading the region’s equities business.
