Liu put in charge of Citic's brokerage business

Liu Jun is replacing Xu Gang at the helm of Citic Securities's brokerage business as it looks to close the gap with its main rival Huatai Securities, sources familiar with the matter said on Wednesday.

Liu will remain head of the diversified Chinese financial group's asset management division, a role he has held since late 2013. He will soon also join the executive committee of Citic Securities, which currently comprises eight people, including chairman Wang Dongming and president Cheng Boming, the sources said.

“This is definitely a big promotion for him, as he’s going to join the committee and concurrently lead the company’s two most...