CLSA announces Australian shake-up

Changes at CLSA Australia mean the immediate exit of chairman Andrew Low and corporate finance boss Mark Dorney.

Pictured in January, left to right, Andrew Low, Jonathan Slone and Mark Dorney. Pic: John Feder

CLSA Australia is shaking up its local investment banking operations in a move that will see the departure of chairman Andrew Low and corporate finance boss Mark Dorney, with immediate effect.

The changes at the securities house were announced in a memo, obtained by The Australian.

The restructure sees Andrew Norman become CEO of CLSA Australia as well as country head, “to drive connectivity across the firm’s client base”, and to enhance Asia/Australia cross-border opportunities through parent company CITIC Securities, the memo said.

Mr Norman will work closely with Frank Yu, CLSA’s global investment banking chief, and the Australian team to build out its coverage including equity capital markets, it said.

Bao Nguyen has been appointed as the new head of investment banking in Australia. He will report to Mr Yu and locally to Mr Norman.

Mr Nguyen has more than 19 years investment banking experience in Australia, Asia and Europe across a range of sectors.

The memo noted that he joined CLSA four years ago and has led a number of successful transactions for CLSA, most recently the sale of Australian IVF company Genea to an Asian consortium led by WeDoctor.

“We are positioning CLSA Australia for our next stage of growth, by leveraging the strong franchise we have established in equities and corporate finance,” Mr Norman said.

“CLSA and parent company CITIC Securities are uniquely positioned to assist Australian clients with their growth ambitions and capital needs throughout Asia-Pacific, particularly in China. These changes will enable us to further enhance our service offering.”

Last year, CLSA worked on the sale of online property conveyancing group PEXA, which was sold to a consortium led by Link Group.

Globally, CLSA’s chief executive officer Jonathan Slone parted ways with the firm earlier this year after a decade as CEO and 30 years at the brokerage. Mr Slone followed former chairman Tang Zhenyi in exiting CLSA.