Nomura is expected to launch its onshore China joint-venture in December with a staff of more than 100.
The employees will be part of Nomura’s wealth management and institutional brokerage business, anonymous sources told «Bloomberg» (behind paywall), with the former targeting clients with a minimum of 3 million yuan ($420,000) of investable assets. Nomura is also believed to be considering plans to build an asset management arm alongside the wealth management business.
New joiners of the 100-strong operation include Sun Dongqing, ex-head of wealth management at CICC; Li Qiang, ex-head of institutional equity at CICC; Gao Ting, ex-China chief strategist at UBS Securities; and Dong Lafa, formerly with Changjiang Securities.
Multiple Expansion
Nomura is seeking to expand across a diversified range of financial services through its domestic entity, highlighting sustainability as the main driver.
«Although we start with wealth management first, that is not our goal. Our goal is to provide wider financial services,» said Iiyama Toshiyasu, executive vice-president of Nomura Securities and chairman of its China committee, in a separate report. «We understand that one business model is not sustainable. We have to combine different areas of business.»
The onshore venture, jointly owned by minatory Shanghai-based partner Orient International, has reportedly received approvals in principle from Chinese regulators for brokerage, proprietary trading, asset management and research.
