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After stints at Credit Lyonnais Securities Asia and Deutsche Bank, Ulrich landed at J.
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If Credit Lyonnais is convicted of fraud in the US, it could lose its banking licence there.
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"For long term investors, I think China still offers growth, " says Credit Lyonnais Securities Asia analyst Ken Ho.
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Ms Lagarde was involved in a dispute between French businessman Bernard Tapie and the bank Credit Lyonnais in 2007.
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At the time Mr Tapie was in the midst of a court battle with the former state-owned bank Credit Lyonnais.
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Hong Kong companies are still earning hefty returns on capital, says Credit Lyonnais strategist Russell Napier, something Southeast Asia has failed to do.
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The US financial authorities are considering prosecuting French bank Credit Lyonnais for conspiracy and money laundering, according to a report in the Wall Street Journal.
BBC: Credit Lyonnais probe widens
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The case stretches back to 1993 when Mr Tapie, a colourful, controversial character in the French business world, sold his stake in sports company Adidas to Credit Lyonnais.
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Credit Agricole is controlled by 39 French regional banks, The company expanded rapidly before the financial crisis, including in southern European through the acquisition of France's Credit Lyonnais bank.
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Credit Lyonnais Securities says that even assuming lower profit growth of 7.3% and interest rates that are 125 basis points above U.S. rates, the Hang Seng's fair value is a respectable 12, 000 or so.
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Mr Tapie, who has long been active in French business, sporting and political circles, sued Credit Lyonnais over its handling of the sale in 1993 of sportswear brand Adidas, in which he was a majority stakeholder.
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