CLSA counters Jefferies' bold forum move with revamped conference

HONG KONG (Reuters) – Hong Kong-based broker CLSA has countered an audacious bid by rival Jefferies Group to commandeer its famous annual forum space with a revamped conference of its own that promises access to China’s movers and shakers.

Earlier this month Jefferies, part of Jefferies Financial Group (N:), announced plans to host a new, week-long investor “forum” in the same venue and at about the same time in September that CLSA has typically held its own high-profile forum, which has been running since 1994.

The U.S.-based investment bank and brokerage has taken advantage of management turmoil within CLSA to take on more than 50 CLSA staff in the past year, including long-time CEO Jonathan Slone and Asia-Pacific analysts such as top-ranked analyst Christopher Wood.

CLSA’s new four-day event will focus on accessing China, and be held the week before the Jefferies event.

A “save the date” notice sent to clients and seen by Reuters said CLSA was “substantially upgrading” access to companies offered through its event and also promised a select number of VIP trips to China for the following week when Jefferies holds its own conference.

Those trips include meetings with some of China’s “most senior and influential corporate leaders and policymakers,” the notice said.

“More than ever before, this year’s event will leverage CITIC Securities’ deep corporate relationships to provide unrivalled China corporate access to international investors,” said Edward Park, CEO of Institutional Equities at CLSA, in a statement to Reuters.

CLSA, best known for its punchy research, was bought by Chinese state-backed broker CITIC Securities (SS:) in 2013 for $1.3 billion. The resignations resulted from CITIC’s efforts to revamp CLSA’s operations and differences over strategy, people with direct knowledge of the matter have said previously.

Jefferies did not immediately respond to a request for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.