Japanese brokerage Nomura has boosted its international wealth management business with key hires in a bid to solidify its capabilities for HNW clients.
The bank has hired more than 20 private bankers and investment advisers in Hong Kong and Singapore.
The new appointments include Wayne Yang as managing director and group head for Greater China, Akshay Prasad as managing director and head of Investment Products and Advisory Solutions for the Asia Pacific, and Mohan Kuppuswamy as executive director and head of Architecture and Technology, Asia Pacific, among others.
Last month, it was reported that Nomura is set to accelerate hiring in its wealth, fixed income businesses in Asia.
The hiring follows the integration of Nomura’s International Wealth Management business into its Wholesale business and the appointment of Ravi Raju as head of International Wealth Management in September last year.
Commenting on the latest development, Raju said: “Our ability to attract top talent from the industry is an acknowledgment by the market that we are serious about our ambitions to build a leading wealth management business and are well-positioned as a platform of choice for aspiring relationship managers in the region.
“The initial focus of the recruitment drive has been to strengthen our presence across Greater China, Southeast Asia and the Global South Asia market.”
Nomura is looking to more than triple the AuM in its international wealth management unit by March 2025.
The company aims to achieve this goal through “accelerated expansion of the client franchise and enhancement of the wealth management product and services platform”.
Capitalising on the Asian region
Nomura has been keen on strengthening its wealth management business in the Asian region, considering its growing prominence in the wealth space.
Last January, a report said that Nomura is planning to hire dozens of private bankers in Hong Kong and Singapore to strengthen its Asia wealth management business outside of Japan.
Nomura Asia ex-Japan head of Global Markets and deputy head of Global Markets Rig Karkhanis said: “The division aims to differentiate itself by delivering institutional level solutions through alignment with the firm’s Global Markets and Investment Banking divisions to bring value to entrepreneurs and family offices representing UHNW and HNW clients in Asia and the Middle East.”