CLSA taps Wu as China head

Asian brokerage CLSA has hired former Morgan Stanley China chairman, Wu Changgen, as its first China head, the Financial Times reported. The brokerage’s China-related business was formerly led by CLSA’s chairman, chief executive and a business development group. Wu left Morgan Stanley in January after 10 years with the firm, and earlier worked at Bank of China for 18 years. He said he was still developing his China strategy and that CLSA should focus on existing business lines. Wu will oversee the firm’s expansion in China as the country’s financial services market grows rapidly amidst expectations of further liberalization in the sector.