Nomura is hiring more wealth managers for its mainland joint venture – and Hong Kong-based private bankers from other firms may be tempted to apply. Nomura, UBS and JP Morgan were recently granted 51% stakes in their Chinese operations. The move is a significant step in China’s liberalisation of its finance sector as foreign banks have long complained that lack of control over their mainland operations has stymied their growth in the country.
Nomura’s JV will initially focus on wealth management and institutional brokerage, and will employ more than 100 staff when it starts its operations in December, according to Bloomberg.
Nomura has, naturally enough, so far hired from the mainland job market. But Hong Kong-based private bankers are also now applying for Nomura wealth management jobs in China, says Shanghai headhunter Jason Tan. “Given the on-going Hong Kong protests, I expect more Chinese wealth managers to make a move back to China, for both personal and professional reasons,” says Tan.
Last week the China Securities Regulatory Commission announced 12 priorities for further opening up its capital markets. “This will make Nomura jobs in China more attractive,” adds Tan.
Whether Hong Kong-based job seekers are successful or not remains to be seen as Nomura is likely to continue to prioritise mainland candidates.
Nomura’s growth in China, however, comes as it scales back in other overseas markets, including Hong Kong and Singapore, under a plan announced in April to revive its business. But Tan says the restructuring isn’t hampering Nomura’s ability to hire in China. “Top people from direct competitors are immediately open to meeting with Nomura seniors to find out more about its China story,” he says, adding that Nomura’s “brand” in China wasn’t as damaged by the 2008 financial crisis as that of many other foreign banks.
China-based hires into Nomura’s joint venture include Sun Dongqing and Li Qiang, formerly head of wealth management and head of institutional equity respectively at CICC, according to Bloomberg. The Japanese firm has also taken on Gao Ting, who was previously UBS’s China chief strategist.
Image credit: Besjunior, Getty
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