CLSA's research head, Ken Chan has jumped ship and joined Deutsche Bank where he will become its head of research in Taipei.
Whether this is adequate compensation for CLSA's theft of six inflatable blue cows from Deutsche's box at the Hong Kong Sevens is not clear.
Deutsche has also hired Jonathan Lee from HSBC to be its financials analyst, taking its research team in Taiwan up to seven. It will possibly boost the team with two further hires.
Deutsche started its Taiwan operation last September and is still not in the top 10 among foreign brokers - with UBSW and Merrill dominating the top spots.
Separately Deutsche has also hired a new head for its Shanghai operation, who will also specialise in China sales. Hoong Yik Luen, a former head of research for ING Barings in China, will also be charged with looking for new revenue opportunities.