Nomura to hire over 40 private bankers in Asia, Middle East

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Nomura Holdings (8604.T) plans to hire more than 40 private bankers in Asia and the Middle East in two years to tap an expanding pool of rich families and entrepreneurs in the regions, its international wealth management chief told Reuters.

Enhancing wealth management is part of Nomura’s goal of increasing revenue less vulnerable to market swings, as Japan’s top investment bank has had occasional major financial hits in its attempts to expand globally.

“The plan for us is to grow to about 135 relationship managers in the next two years, which will help us double our business,” Ravi Raju, who heads Nomura’s wealth management business ex-Japan, said in an interview.

The business currently employs 91 private bankers in Singapore, Hong Kong, and Dubai to serve affluent clients in Greater China, Southeast Asia, and the Middle East, he said.

Nomura has repositioned the business to be part of the wholesale division to provide high net-worth individuals with a broad range of investment products and services in everything from equity to structured products – similar to what it offers to institutional clients.

The bank aims to boost assets under its international wealth management business to $35 billion from $15 billion by March 2025, following three years of business overhaul that doubled the assets under management and created 1,200 new client accounts.

Revenue totaled about $100 million in the year to March.

Asia Pacific and the Middle East account for 37% of the world’s 21.7 million population of high-net-worth individuals, or those with investable assets of $1 million or more, according to Capgemini’s 2023 wealth report.

Nomura, still outside the top-20 ranks of private banks in Asia, has the advantage of being “small and entrepreneurial” in its hunt for talent in the main battleground for global wealth managers, said Raju, a veteran private banker who joined Nomura in 2020.

“Many of the talent out there are looking for the ability to expand their client coverage,” which may be difficult at some big banks already covering many clients, he said.

Nomura’s strengths in Japan and Asia will allow the bank to offer “the best value for any client who wants to look at Japan and Asia, he added.

Image by: Bloomberg

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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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