Tokyo-headquartered investment bank Nomura is looking to extend its operations from Japan and mainland China to the rest of Asia, according to newswire Bloomberg.
The Japanese company confirmed to International Adviser it is hiring dozens of private bankers to boost its wealth management business in both Hong Kong and Singapore.
The ambitious plan includes increasing the number of relationship managers to 100 within three years – the bank had 57 in December 2019 – and a five-fold growth in assets under management to $50bn (£38.2bn, €45bn) by 2026, Yuji Hibino, senior managing director for Asia (excluding Japan) told Bloomberg.
He added that the bank is going after the growing number of wealthy Asians to fuel its wealth arm.
On top of that, Nomura is chasing Japanese expats, who it could serve by leveraging its network in its homeland.
But changes are not just being made to Nomura’s overseas operations.
In Tokyo, the investment bank is restructuring its retail business, which currently manages around $1trn of client assets, to concentrate on high net worth individuals (HNWIs).
