Japanese brokerage Nomura intends to hire dozens of private bankers in Hong Kong and Singapore to strengthen its Asia wealth management business outside of Japan.
The plan is to boost the relationship manager headcount in these two markets from 57 to 100 in three years, reported Bloomberg.
Another goal is to boost the assets under management in these two regions to $50bn by March 2026, which is a five-fold increase compared to the existing figure.
Hong Kong and Singapore are the two markets where Nomura’s Asia wealth business is concentrated outside of Japan. At present, Nomura oversees nearly $10bn in Asia excluding Japan.
Nomura senior managing director in charge of the business for Asia excluding Japan Yuji Hibino said: “Asia has bigger potential for future growth compared to Japan.
“We would like to look for more opportunities.”
According to Hibino, Nomura already started the hiring programme for its Asia wealth operations a year ago.
Hibino intends to leverage the expertise of the brokerage’s global markets and investment banking units to cater to the rich.
“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 stated.
At the same time, Hibino stressed that the brokerage is currently not in talks over takeovers but eyes inorganic opportunities.
Notably, last year, Nomura received the regulatory clearance to set up a securities joint venture (JV) in China.
The Japanese firm plans to increase employee strength at the Chinese venture from nearly 100 to 500 by 2023.