Never Say Never To AI Assisted Research
In 2016, AI was still taking baby steps when SCMP interviewed Donald Skinner and Edmund Bradley for a story on whether #CLSA would adopt AI generated research.
https://www.scmp.com/business/companies/article/2020428/clsa-eschews-robots-favour-good-old-fashioned-story-telling-it
Just for a lark, in 2025 when AI assisted research is du jour for many professionals, I asked Gemini AI to write short biographies of #CLSA’s two founders who I knew back in the late 1980s. :
Pioneers of Asian Finance: The Enduring Legacies of CLSA Founders Gary Coull and Jim Walker
I. Introduction: Visionaries of Asian Capital Markets
Credit Lyonnais Securities Asia (CLSA), a prominent brokerage house specializing in Asia-Pacific stock markets, was established in Hong Kong in 1986 by two former journalists, Gary Coull and Jim Walker. Their background, unconventional for founders of a financial institution, set the stage for CLSA's distinctive approach to market analysis. From its inception, CLSA quickly garnered a reputation for its unique, independent, and often irreverent research, becoming a pivotal player in attracting international investment to the burgeoning markets of Asia.
This report aims to explore the formative years of Coull and Walker, detail the intricate process of CLSA's establishment, examine the circumstances of their early deaths, and analyze their profound, lasting impact on the Asian financial landscape. The journalistic foundation of Coull and Walker was not merely a biographical detail but a core element that shaped CLSA's corporate identity and business model. This background instilled a fundamental value of independent, critical inquiry and a focus on compelling narratives and substantive ideas, rather than adhering strictly to traditional, potentially more rigid, financial analysis. This approach, sometimes described as "journalistic antagonism" , enabled the firm to challenge conventional wisdom and produce "pithy, punchy research" that stood apart in the market. This unique origin story directly contributed to CLSA's ability to attract international investors and established its distinctive and bold brand.
II. The Journalistic Crucible: Early Careers in Hong Kong
The professional journeys of Gary Coull and Jim Walker converged in Hong Kong's dynamic media landscape, where they honed the skills that would later define their entrepreneurial venture.
Gary Coull's Path
Born in Canada, Gary Coull completed his Bachelor of Arts degree from the University of British Columbia in 1976. His career in journalism spanned from 1977 to 1983, during which he served as a business journalist for two influential Hong Kong publications: the South China Morning Post (SCMP) and the Far Eastern Economic Review (FEER). Coull's deep engagement with the region's information ecosystem led him to be described as "a fixture of Hong Kong's financial and journalism communities for 30 years".
Jim Walker's Background (Co-founder)
Jim Walker, an Australian, also hailed from a journalistic background, specifically at the South China Morning Post. His collaboration with Coull was instrumental in the co-founding of CLSA in 1986, marking the beginning of their shared vision for a new kind of brokerage.
A Crucial Distinction: Jim Walker (Co-founder) vs. Jim Walker (Economist)
It is essential to clarify that Jim Walker, the co-founder of CLSA who passed away in 2004, is a distinct individual from the highly acclaimed Scottish economist also named Jim Walker. The Scottish economist Jim Walker joined CLSA later, in late 1991, and served as its chief economist until 2007. He holds a PhD in economics from the University of Strathclyde, Glasgow, and previously worked as a research fellow at the Fraser of Allander Institute for Research on the Scottish Economy and at The Royal Bank of Scotland's Edinburgh headquarters before moving to Asia. Renowned for his macroeconomic analyses and forecasts, he famously predicted the Asian Crisis and the US 2007 downturn. After leaving CLSA, he founded his own independent economics research company, Asianomics Limited, in 2007, and currently serves as Chief Economist at Aletheia Capital. This distinction is vital for accurately understanding the historical contributions to CLSA's leadership and intellectual output.
Shared Environment and the Genesis of Their Vision
The shared experiences of Coull and Walker in Hong Kong's vibrant journalistic environment, particularly at the SCMP, provided them with a unique vantage point on Asia's emerging markets. This setting likely fostered their conviction that "ideas mattered" and that there was a compelling "story to tell in Asia" that transcended traditional financial reporting. Their journalistic training instilled a deep-seated skepticism toward official narratives and a relentless drive to uncover the underlying "reality" of the market, especially in opaque regions like China. This commitment to independent, unvarnished truth-telling became a cornerstone of CLSA's research philosophy. It was not merely about reporting data but about critically analyzing its veracity and providing a counter-narrative to official spin. Coull's exasperation with China's "black-box nature" led him to famously state at a 2002 banking conference that all stock research should carry a health warning: "Don't believe anything in this report, it comes from a very biased point of view". Similarly, the economist Jim Walker, reflecting CLSA's culture, noted that Chinese authorities "didn't like the idea of us being there, gathering data" for China Reality Research (CRR) because it was an "independent source [officials] couldn't spin or control. It was the story of China, warts and all". This approach, while potentially controversial, built immense credibility and became a significant competitive advantage for CLSA, attracting investors who sought genuine insights into complex markets.
III. The Birth of CLSA: From Winfull to a Trailblazing Brokerage
The journey from journalism to establishing a leading Asian brokerage involved several strategic steps and corporate transformations.
Gary Coull's Initial Ventures Post-Journalism
After departing from journalism in 1983, Gary Coull embarked on an entrepreneurial path, establishing a small company focused on China investment and trading. Several years later, he joined Winfull Laing et Cruickshank, a Hong Kong brokerage firm, which would become a foundational piece of CLSA.
The Establishment of Winfull Laing & Cruickshank Securities
In 1986, Winfull Laing & Cruickshank Securities began its operations in Hong Kong. This entity was structured as a 50-50 joint venture between the Woo Hon Fai family and Alexander Laing & Cruickshank. Jim Walker, the co-founder, served as the chairman of this initial venture, playing a pivotal role in its formative stages.
The Strategic Acquisition by Crédit Lyonnais and the Subsequent Evolution into CLSA
The following year, in 1987, the French bank Crédit Lyonnais strategically acquired Alexander Laing & Cruickshank. Subsequently, Crédit Lyonnais bought out Winfull, thereby creating the platform for what would ultimately become CLSA. After various iterations and consolidations, Walker's initial start-up formally emerged as Credit Lyonnais Securities Asia (CLSA) in 1989. Despite the formalization in 1989, the firm consistently recognizes 1986 as its founding year, marking the genesis of the joint venture that laid its groundwork.
Later Corporate Changes
CLSA's corporate structure continued to evolve over the years. In 2003, Crédit Lyonnais, including CLSA, merged with Crédit Agricole, France's largest retail banking group. CLSA remained a part of Crédit Agricole until 2012, when Crédit Agricole sold a 19.9% stake to CITIC Securities, China's largest investment bank. By July 31, 2013, CITIC Securities completed its acquisition of the remaining 80.1% of CLSA, making it a wholly-owned subsidiary.
Foundational Principles
From its very inception, CLSA was built on the core belief that "ideas mattered". The founders were committed to "building a business around people with strong ideas and an understanding of the dynamics in Asia". This core philosophy underscored their emphasis on independent thought and a deep, nuanced local knowledge of the complex Asian markets. The founders, Coull and Walker, demonstrated remarkable strategic acumen in navigating this early corporate landscape. They successfully secured the necessary institutional backing from Crédit Lyonnais, which provided scale and legitimacy, without allowing their unique, independent, and ideas-driven culture to be diluted by a traditional banking ethos. This suggests that Crédit Lyonnais recognized the distinct value proposition of CLSA's approach, allowing it to flourish rather than imposing a standard corporate structure. This ability to retain its "fiercely independent" character under foreign ownership was key to its success and differentiation in a competitive market.
Key Milestones in CLSA's Founding and Evolution
1983
Gary Coull leaves journalism and starts a China investment and trading company.
Gary Coull
1986
Winfull Laing & Cruickshank Securities begins operations in Hong Kong as a 50-50 joint venture.
Jim Walker (Co-founder), Woo Hon Fai family, Alexander Laing & Cruickshank
1987
Crédit Lyonnais acquires Alexander Laing & Cruickshank and buys out Winfull, laying groundwork for CLSA.
Crédit Lyonnais, Alexander Laing & Cruickshank, Winfull
1989
Credit Lyonnais Securities Asia (CLSA) formally emerges from the initial venture.
Crédit Lyonnais, Jim Walker (Co-founder), Gary Coull
2003
Crédit Lyonnais, including CLSA, merges with Crédit Agricole.
Crédit Lyonnais, Crédit Agricole, CLSA
2012
Crédit Agricole sells a 19.9% stake in CLSA to CITIC Securities.
Crédit Agricole, CITIC Securities, CLSA
2013
CITIC Securities acquires the remaining 80.1% of CLSA, making it a wholly-owned subsidiary.
CITIC Securities, Crédit Agricole, CLSA
IV. Gary Coull: The Charismatic Architect
Gary Coull was not merely a co-founder but the charismatic architect who shaped CLSA's identity and propelled its influence across Asian financial markets.
His Leadership and Strategic Direction as Chairman of CLSA
As co-founder and chairman, Gary Coull played a pivotal role in setting CLSA's strategic direction. He was highly influential in attracting international investors to Asia, notably through CLSA's renowned annual investors' forum. Beyond the brokerage, Coull also chaired CLSA's asset-management group, CLSA Capital Partners, and held positions as a governor of the Canadian Chamber of Commerce in Hong Kong and a director of the Asian Corporate Governance Association, demonstrating his broader commitment to market development.
The Development of CLSA's Distinctive Culture
Coull was widely described as a "striking character," an "old-school thinker and do-er," and even a "splendid anachronism" – a bon viveur who enjoyed poker and horse ownership. He was revered as a "legend" who disregarded traditional hierarchy, prioritizing getting "stuff done and have fun" while making money. This distinctive leadership style fostered CLSA's "assertive, irreverent, brazen brand" and its unwavering commitment to independent, opinionated research, often presented with "magazine-style satirical cartoons".
Coull's unconventional and flamboyant persona was not just a reflection of his personality but a deliberate and highly effective brand-building strategy for CLSA. In a financial industry often characterized by staid formality, his "splendid anachronism" created a unique identity for CLSA that attracted both attention and talent. By cultivating an environment where a "CV didn't matter," but "how you could pitch an idea in the morning meeting and how strongly you could argue you point over a pint" did , he fostered a culture of intellectual independence and irreverence. This approach allowed CLSA to produce research that was not only insightful but also engaging and memorable, directly contributing to its influence in "attracting international investors to Asia". His willingness to challenge norms, even through entertainment at investor forums, positioned CLSA as a thought leader that was both serious and accessible, fundamentally reshaping how financial insights were delivered and perceived in Asia.
Coull's Foresight Regarding China's Economic Trajectory
Gary Coull was an "ardent believer in China's inevitable role at the heart of a new economic and financial world order". He was among a "tiny handful" of individuals who possessed a "detailed prediction of Chinese economic success long before the mainstream political or financial community had envisioned it". His frustration with China's "black-box nature" was well-known, leading to his famous declaration at a 2002 banking conference that all stock research should carry a health warning: "Don't believe anything in this report, it comes from a very biased point of view". Coull also played a significant role in mentoring several prominent Asian analysts, including Jing Ulrich and Douglas Clayton.
The Renowned Investors' Forum
CLSA's annual investors' forum in Hong Kong, initially held in May and later in September, became a signature event that epitomized Coull's vision. It was celebrated for its unique blend of serious financial sessions featuring former and current heads of state, alongside mid-week parties showcasing "well-known, but ageing pop stars" such as Elton John, Duran Duran, or Mariah Carey. The forum was meticulously designed to deliver "analysis and ideas that still provide value and context that helps drive outperformance" for investors.
Recognition of His Influence
Coull's impact on the Asian financial landscape was widely recognized. In September 2006, FinanceAsia magazine named him among the top 50 most influential people in shaping Asia's financial landscape over the preceding decade. The Financial Times further acknowledged his deep connections, calling him "a fixture of Hong Kong's financial and journalism communities for 30 years".
V. Jim Walker: The Co-Founder's Contribution and Distinction
Jim Walker, the co-founder, played an indispensable role in the foundational stages of CLSA, contributing significantly to its unique identity.
His Integral Role in the Initial Setup and Early Direction of CLSA
As an Australian journalist, Jim Walker co-founded CLSA with Gary Coull in 1986. His leadership was evident from the outset, as he served as chairman of Winfull Laing & Cruickshank Securities, the 50-50 joint venture that preceded CLSA in 1986. His involvement was crucial in establishing the initial framework and vision that would guide the nascent brokerage.
A Clear Clarification Regarding the Identity of Jim Walker
As previously emphasized, it is imperative to distinguish between Jim Walker, the co-founder of CLSA who passed away in 2004, and the highly acclaimed Scottish economist also named Jim Walker. The economist Jim Walker, a PhD holder from the University of Strathclyde, Glasgow , served as CLSA's chief economist from 1991 to 2007. He gained renown for his incisive macroeconomic analyses and forecasts, notably predicting the Asian Crisis and the US 2007 downturn. After his tenure at CLSA, he founded Asianomics Limited in 2007 and is currently the Chief Economist at Aletheia Capital. This distinction is vital for an accurate historical understanding of CLSA's leadership and intellectual contributions.
Table 2: Differentiating Jim Walker (Co-founder) and Jim Walker (Economist)
Attribute
Jim Walker (Co-founder)
His Contribution to CLSA's Independent and Irreverent Research Ethos
Like Gary Coull, Jim Walker (the co-founder) firmly believed in the power of "ideas" and the importance of building a business around individuals with "strong ideas" and a profound understanding of Asian dynamics. This shared journalistic foundation significantly contributed to CLSA's distinctive "journalistic antagonism" and its "readable style" in research, which frequently incorporated satirical cartoons. The firm's commitment to independent, "warts and all" analysis, even when it challenged official narratives, was a testament to the founders' shared vision. The fact that CLSA attracted and retained another highly influential figure also named Jim Walker (the economist) who embodied and further amplified the firm's core values of independent, candid, and often contrarian analysis, speaks volumes about the strength and appeal of the culture established by the co-founders. This demonstrates that the intellectual ethos of CLSA was so compelling that it drew like-minded, high-caliber individuals, effectively reinforcing and extending the founders' original vision for differentiated research. This dual legacy, while requiring careful clarification, highlights the enduring intellectual capital and distinctive brand that the co-founders built.
VI. Early Departures and Enduring Influence
The premature deaths of both founders marked a significant turning point for CLSA, yet their collective vision and the culture they instilled continued to shape the firm for years to come.
Details of Gary Coull's Passing
Gary Coull passed away prematurely on October 26, 2006, at the age of 52, following a battle with cancer. His death prompted detailed obituaries in prominent publications such as The Times of London, FinanceAsia, and the Financial Times, underscoring his considerable standing in the global financial industry. FinanceAsia notably described him as "the charismatic 52-year-old head of Asia's only remaining true international brokerage firm" at the time of his death.
Details of Jim Walker's (Co-founder) Passing
Jim Walker, the co-founder, also died at a relatively young age in 2004, preceding Coull's death by two years.
The Immediate Impact of Their Premature Deaths on CLSA
The loss of both founders, particularly Coull, was a significant event for CLSA. A former CLSA employee lamented that "sadly, CLSA changed when Gary passed away," indicating a discernible shift in the firm's dynamic after his departure.
Their Collective Legacy
Despite the personal void left by their early departures and the subsequent changes in ownership, the core tenets established by Coull and Walker ensured CLSA's enduring influence.
Reputation for Independent, Insightful Research
CLSA became renowned for its "pithy, punchy research" and "opinionated research" , reportedly producing approximately 35,000 research reports annually. This research was consistently characterized as "differentiated, independent and required reading," offering "unparalleled insights" from a unique Asian perspective. This commitment to rigorous, independent analysis was a direct result of the founders' journalistic backgrounds and their belief in the power of ideas.
Role in Promoting Corporate Governance
Beyond traditional brokerage, Coull and Walker held a conviction that investment research should extend beyond mere numbers to encompass broader societal change, actively promoting improved corporate governance throughout Asia. CLSA stands as a proud founding sponsor of the Asia Corporate Governance Association (ACGA) and has played a crucial role in advancing corporate governance standards through its flagship "CG Watch report" since the early 2000s. This advocacy demonstrated their belief that robust market structures and ethical practices were intertwined with sustainable financial success.
Impact on Attracting International Investment
CLSA was highly influential in attracting international investors to Asia, facilitating over 330 equity capital market transactions and raising an impressive $216 billion between 2006 and 2016. In 2016, Global Capital magazine recognized CLSA's distinctiveness by voting it the number one most independent broker in Asia for the preceding 25 years.
Enduring Culture
Despite leadership transitions and subsequent acquisitions by Crédit Agricole and later CITIC Securities, the core values of "ideas mattered" , an "assertive, irreverent, brazen brand" , and a "fiercely independent" ethos continued to define CLSA for many years. This persistence is a testament to the strong foundation laid by its founders. The enduring impact of Coull and Walker lies not just in founding CLSA, but in successfully institutionalizing their vision for independent, ideas-driven, and socially conscious financial analysis. While their personal charisma and direct leadership were irreplaceable, they embedded a culture that valued critical thinking, transparency, and a commitment to broader market development, such as corporate governance. This deep-seated ethos allowed CLSA to continue producing influential research and maintain its distinct brand identity even after their premature deaths and through multiple changes in corporate ownership. Their foresight in building a business around "people with strong ideas" ensured that the spirit of CLSA transcended the individuals who created it, cementing their long-term impact on Asian finance.
VII. Conclusion: A Legacy of Independent Thought in Asian Finance
Gary Coull and Jim Walker, through their unique journalistic lens and entrepreneurial spirit, forged CLSA into a distinctive and influential force in Asian finance. They pioneered a model of brokerage that prioritized independent, ideas-driven research, consistently challenging conventional wisdom and official narratives.
Their commitment to candid analysis, exemplified by Coull's skepticism towards biased reports and CLSA's "warts and all" China research, set a new standard for transparency and insight in emerging markets. Beyond the pursuit of brokerage profits, their advocacy for corporate governance underscored a profound belief that financial success was inextricably intertwined with robust market structures and ethical practices. Despite their early deaths, the "assertive, irreverent, brazen" culture and "fiercely independent" ethos they instilled continued to define CLSA, attracting top talent and profoundly shaping how international investors engaged with Asia.
Coull and Walker's primary legacy extends beyond merely building a successful brokerage; they fundamentally influenced the transparency and integrity of Asian financial markets. By applying a journalistic rigor to financial analysis, they challenged the prevailing opacity and state secrecy, particularly in China. This "warts and all" approach, combined with their advocacy for stronger corporate governance, provided international investors with more reliable and critical insights, fostering greater confidence in what were often perceived as risky and opaque markets. This, in turn, facilitated significant capital flows into Asia, contributing to the region's economic development and its integration into the global financial system. Their work helped mature the Asian capital markets by setting a higher standard for independent research and ethical engagement, demonstrating that robust analysis was crucial for sustainable growth. Their vision continues to resonate, serving as a testament to the enduring power of independent thought in shaping global financial landscapes.
Post Script
In a world where AI use is becoming ubiquitous, is there any agency left for human investment analysts?
Maybe.
I ran a search on Jim Walker’s obituary in his old paper, South China Morning Post and discovered before he set up Winfull Laing & Cruikshank, Jim Walker had worked in Hong Leong after he left the paper. Gemini AI had for some reason missed this snippet of information. See https://www.scmp.com/article/477449/former-post-finance-editor-walker-succumbs-cancer
One of Jim’s colleagues at Hong Leong was Jake Van Der Kamp. My first job in Hong Kong was with Asia Equity in April 1993 where Jake was the Resesrch Director/ Strategist and Stephen Brown was the Head of Research. I eventually also joined Dao Heng Securities (part of the Hong Leong group which included Guoco and Dao Heng Bank in 1999) as Head of Research .
Jim looked a bit like Paul Hogan who played Crocodile Dundee in two films. But Jim was the anti thesis of the rugged outdoors Aussie. He was urbane and ineffably polite to everyone. When I put up a BS piece of research for Morning Line (the CLSA daily tip sheet sent to clients) Jim never put me down in public. He would look me in the eye with a wink, “Really Raymond? You really want me to tell my clients this ?”
DISCLAIMER
Gemini AI’s output depends on sources taken from the Internet. These might contain errors.
#GaryCoull #JimWalker #CLSA #DonaldSkinner #EdmundBradley #DaoHengSecurities #JakeVanDerKsmp #AsiaEquity
Works cited by Gemini AI in compiling the biographies of Gary Coull and Jim Walker,
1. Gary Coull - Wikipedia, https://en.wikipedia.org/wiki/Gary_Coull 2. CLSA - Golden, https://golden.com/wiki/CLSA-WW4BAK 3. Analysing China, warts and all - Euromoney, https://www.euromoney.com/article/2cp31qla321u3v9q1d7gg/capital-markets/analysing-china-warts-and-all/ 4. Thirty Years of CLSA – CITIC CLSA, https://www.clsa.com/community_story/if16-speaker-jonathan-slone/ 5. CLSA's Slone Q&A: Rise of Asia's awkward squad - Euromoney, https://www.euromoney.com/article/27bjsncxo5vak9tlbamne/banking/clsas-slone-q-a-rise-of-asias-awkward-squad/ 6. Movers and Shakers: New Boss at China's No. 2 Bank - Caixin Global, https://www.caixinglobal.com/2019-03-22/movers-and-shakers-new-boss-at-chinas-no-2-bank-101395849.html 7. CLSA pays tribute to its founder Coull, who died aged 52, https://www.globalcapital.com/asia/article/28mw4ntdm34yvo8fdt3i8/emerging-markets/clsa-pays-tribute-to-its-founder-coull-who-died-aged-52 8. Jim Walker | Financial Sense, https://www.financialsense.com/contributors/jim-walker 9. Dr Jim Walker - University of Strathclyde, https://www.strath.ac.uk/studywithus/postgraduateresearch/drjimwalker/ 10. Jim Walker | Speaking Fee | Booking Agent - All American Speakers Bureau, https://www.allamericanspeakers.com/speakers/457616/Jim-Walker 11. CLSA - Wikipedia, https://en.wikipedia.org/wiki/CLSA 12. About – CITIC CLSA, https://www.clsa.com/about/ 13. CLSA Group Sustainability Report, https://www.clsa.com/wp-content/uploads/2016/06/CLSA-Group-Sustainability-Report-2017.pdf 14. Citic Securities Set to Acquire CLSA? - Institutional Investor, https://www.institutionalinvestor.com/article/2bsvlkgeipktud1fydm9s/portfolio/citic-securities-set-to-acquire-clsa 15. Nothing gonna change the strengths of our financial centre - ejinsight.com, https://www.ejinsight.com/eji/article/id/3916940/20241031-nothing-gonna-change-the-strengths-of-our-financial-centre 16. Conference Report - Asian Corporate Governance Association, https://www.acga-asia.org/upload/files/conference_report/ACGA%20Conference%20Report%202024%2011%2021%20(FINAL%20with%20CLP%20revised).pdf
