Nomura has hired a senior financial institutions group (FIG) banker for its Singapore office, in the latest sign that it is recruiting again in ex-Japan Asia.
Derrick Low has joined Nomura from Standard Chartered. He is responsible for origination and execution of FIG sector transactions across Asia, excluding Japan.
Low was in Stan Chart’s Singapore FIG team for more than four years, latterly as a director, and worked on both M&A and capital markets transactions, including the $2.5bn IPO of China Cinda Asset Management on the Hong Kong Stock Exchange in 2013.
Like most FIG bankers, Low has spent his whole career (aside from his graduate traineeship at Citi) in the sector. He was at Bank of America Merrill Lynch in Singapore between 2010 and 2012, focused on Southeast Asian FIG deals.
Low will be familiar with the boss of his team at his new firm. Last November Nomura hired James Pearson, Stan Chart’s Singapore-based global FIG head, as head of Asia ex-Japan FIG.
The recruitment of a banker as senior Pearson – he was previously in charge of Asian FIG at both ABN Amro and RBS – into a newly created role suggested at the time that Nomura was intent on growing its FIG business. This appears to be happening now with the appointment of Pearson’s former Stan Chart colleague Low.
Nomura remains a niche player in Asian FIG, but is winning business by helping clients tap Japanese markets. It recently advised Citic on a $964m Samurai bond sale, for example.
The Japanese bank isn’t only growing its FIG team. It has made other senior appointments recently, including former ANZ banker Nicolas Le Clerc, who is now head of project advisory within Nomura’s new Singapore-based Asia Infrastructure Project Office.
Nomura has alternated between hiring and cutting staff in Singapore and Hong Kong over the past few years.
In April 2016 it axed about 30 jobs from its Asian equities unit as part of a wider international retreat, which included more severe redundancies in North America and Europe. It also lost several senior Asian bankers at that time, including Asia ex-Japan head of investment banking, Mark Williams, and head of equity sales for North Asia, Stanley Wong.
While Nomura now appears to be hiring again, it is not in the top-10 banks for Asia ex-Japan revenues in M&A, ECM or DCM for the first half of 2017, according to Dealogic.
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