News: Nomura to hire dozens of private bankers in HK & SG

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Nomura to hire dozens of private bankers in HK & SG

The number of relationship managers is set to double with plans of taking up the number to 100 in the region within the next three years, according to Yuji Hibino, a senior managing director who was in charge of the business for Asia, excluding Japan.
Nomura to hire dozens of private bankers in HK & SG

With a renewed focus on extending its wealth management drive from Japan to mainland China and the rest of Asia, Nomura Holdings is planning to hire dozens of private bankers in Hong Kong and Singapore. 

The number of relationship managers is set to double with plans of taking up the number to 100 in the region within the next three years, according to Yuji Hibino, a senior managing director who was in charge of the business for Asia, excluding Japan. 

According to Bloomberg's reports, the Tokyo-based firm has outlined aggressive plans for growth in its Asia (excluding Japan) wealth management business, targeting $50 Bn in its Assets Under Management by March 2026, i.e. five times its current AUM. Nomura happens to be the biggest brokerage firm that is targeting rich Asians to boost to its wealth management operations in the region.

This business was not a part of the restructuring of that the firm announced at its overseas securities business in 2019 in order to restore profitability.

Nomura began its hiring drive for Asia’s wealth business in 2019 with a net hiring of 10. Hibino moved to Singapore from Tokyo in order to focus on bolstering the bank’s position in wealth management business in Asia ex-Japan. 

“We also look at inorganic opportunities. We would be in a good position to be able to connect our Asian clients to the opportunities that are available in Japan because of our great network,” he noted. 

Separately, the company expects to increase the headcount at its majority-owned Chinese joint venture from the current 100 to 500 by 2023. While, at the same time it continues to restructure its retail business in Japan in order to focus on high net-worth individuals. 

The firm primarily manages its regional wealth assets based out of Singapore as it holds a banking license in the country. 

Image source: Nomura

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Topics: #Hiring, Recruitment

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