Nomura is starting to rebuild in Hong Kong

Nomura appears to be rebuilding its Hong Kong capital markets operation  as it looks to rebuild after a slew of departures.

Earlier this month, it re-hired Matthew Cheung as head of Greater China equity capital markets

Cheung appears to have bagged a big promotion. He’s joining from Bank of China international (BOCI) where he was an executive director in ECM and prior to that he spent a year in the financial sponsors group at JP Morgan.

Cheung spent the early part of his career at Nomura with a four-year stint in ECM according to LinkedIn.

Sources say Cheung plugged the gap left by the departure of Alexandra Tong, who joined boutique firm Xcap Partners which was established in late 2019 by Ken Poon, the former head of capital markets for Asia-Pacific at Citigroup.

But the bank still has some way to go to replenish its ranks. Nomura has been one of the biggest casualties of the banking brain drain as executives have quit for a change of careers.

Tong’s move followed that of Anshul Trivedi, who resigned earlier this year as Nomura’s head of ECM syndicate for Asia to join Balyasny asset management in Hong Kong. Meanwhile, Thomas Batt, Nomura’s of capital markets and solutions for Asia ex-Japan quit to become CFO of London-based tech company Paceline,  while Nomura’s former head of healthcare Vijay Karwal resigned in April to become CEO of biotech start-up AffaMed.

The senior departures were among a group of 20 bankers who quit after the bank announced bonus payments in May. 

Photo by Danist Soh on Unsplash

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