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Jefferies steps up Asia expansion by hiring a dozen from CLSA

CLSA also lost a team of researchers in China to Credit Suisse Group AG this year.

Bloomberg|
Dec 09, 2019, 09.24 AM IST
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The firm is building out its operations in Asia, expanding equities research, sales and trading.
By Cathy Chan

Jefferies Financial Group Inc. is poaching about a dozen professionals from CLSA Ltd. in India, according to people familiar with the matter, adding to a hiring spree in Hong Kong, Japan and Australia this year.

The New York-based firm is hiring analysts, salespeople and traders from the equity division at CLSA, including Aashish Agarwal, the head of research, the people said, asking not to be identified because the matter isn’t public. Prakhar Sharma, an analyst, and strategist Mahesh Nandurkar, were also among those offered positions. Nandurkar declined to comment, while the other two haven’t responded to emails seeking a comment.

The firm is building out its operations in Asia, expanding equities research, sales and trading. Jefferies has now hired about 50 employees from CLSA, which has seen an exodus of staff amid clashes with the management at its parent, China’s Citic Securities Co. CLSA Chief Executive Officer Jonathan Slonejoined Jefferies in July.

Representatives for Jefferies and CLSA weren’t immediately available for comment.

CLSA also lost a team of researchers in China to Credit Suisse Group AG this year.

Jefferies’ investment bank has added 350 people this year, a 10% increase to its headcount at the end of 2018, according to a quarterly newsletter to clients and employees in July. Jefferies said it has added to its research department even as competitors pare back, also building out its operations in Europe.

--With assistance from Arijit Ghosh.

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