CICC's brain drain

10 September 2010 By Wei Gu

CICC has seen a wave of bankers defect to Western rivals. Competitors covet their experience and strong government connections. But CICC may be losing excitement for its star recruits especially as aggressive hiring puts pressure on a finite bonus pool.

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China International Capital Corp. has seen a number of recent senior departures. At least 30 senior CICC employees have been approached in recent months about leaving to join foreign competitors, the Financial Times reported on Sept. 10, citing a person close to the matter.

Bei Duoguang, president of a CICC private equity venture with the Shanghai government, left in August to rejoin JP Morgan. CICC's former chief economist Ha Jiming left in July for Goldman Sachs. Gao Ting, CICC's former chief China equity strategist, joined UBS Securities in Beijing as head of wealth management research and chief investment strategist.

Morgan Stanley hopes to sell its 34.3 percent stake in CICC to Kohlberg Kravis Roberts and TPG, the U.S. private equity groups. The deal is being reviewed by China's regulators. A further 43 percent is owned by Central Huijin, a Chinese stateowned investment company.

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