CLSA expands Sydney staff

Asia-Pacific brokerage CLSA is doing what most firms can only dream about: ramping up headcount.

With plenty of professionals either out of work, or worried about their present positions, CLSA is trying to poach talent during the turmoil.

The firm aims to triple Sydney staffing levels from eight to 24 by the end of the year. Chairman Rob Morrison told Bloomberg recently: ìThereís a silver lining in the dislocation of the markets at the moment, as people are getting freed up at houses where otherwise they might not have thought of leaving.î

Warren Price, managing director of Select Personnel, thinks CLSA has established a strong research and sales team and has recruited wisely. ìThey donít have such a major exposure to the global financial crisis, so they can take advantage and recruit more good peopleî he tells eFinancialCareers.

The brokerage hired four sales-traders from Macquarie when it set up in Australia last year. It has also poached from J.P. Morgan. Price reckons more top-flight professionals from larger firms will be willing to move to CLSA as it continues to expand down under.

ìQuality people, especially those at struggling firms, are now starting to look at the job market. Weíre definitely seeing better candidates this year. Iím not sure if CLSA will need much help with recruitment. So far theyíve had people knocking on their door,î adds Price

CLSA is seeking to provide local research and sales resources while maintaining its global distribution network. But donít expect an accompanying flood of back-office vacancies in Australia. The firm will continue to execute Australian equity trades via its Singapore office, and it has already trimmed about 90, mainly operational, jobs in Asia.