CLSA to double South-east Asia investment banking team in five years

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SINGAPORE – CLSA plans to double the number of investment banking staff it has in South-east Asia over the next five years, according to a senior executive, as the arm of one of China’s largest state-owned conglomerates, Citic Group, seeks to tap into the region’s rapid growth.

“South-east Asia is one of those bright spots if you look at where growth is,” Mr Xianjie Boey, CLSA’s head of investment banking for South-east Asia, said in an interview during a forum in Bangkok last week. “We are looking to expand and to grow. Over the next five years, I do want to double my headcount. I think this will make us stand out in the region.”

The South-east Asia team numbers more than 20, and the plan is for that figure to reach close to 50 by 2028, Mr Boey said. The region will benefit from China’s reopening, he said, adding that the company is getting more inquiries from Chinese corporates who are keen to invest here.

CLSA’s parent company Citic Securities leads the global league tables for initial public offerings so far in 2023, with US$1.8 billion worth of deals, according to data compiled by Bloomberg. The company clinched the top spot in 2022 for the first time, rising from eighth the year before.

The unit is in a unique position to activate deals from China, Mr Boey said. CLSA is the only Chinese-backed investment bank to have a presence in five South-east Asian markets – Singapore, Malaysia, Indonesia, Philippines and Thailand – and has a history in the region dating back more than 35 years, he said.

Mr Boey expects private equity firms to drive deal activity in the region as most of them have investments that are near maturity and may want to exit, he said. Some of these funds have also raised quite a bit of money in past years and will need to deploy it, he said.

He cited digital infrastructure such as data centres and telecommunications towers as well as healthcare services, renewable energy and real estate among the sectors that may see more deals.

Among countries within South-east Asia, Singapore will stand out as it is the regional hub and headquarters for many companies and buyout firms, Mr Boey said. Indonesia will attract interest because of the sheer size of its economy, which is backed by natural resources, he added. BLOOMBERG

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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