Nomura’s mainland expansion is outperforming expectations, according to China committee head Toshiyasu Iiyama, with robust demand in part for research on Japanese markets.
After kickstarting its onshore operations about a year ago in Shanghai, Japan’s biggest brokerage has acquired more than 300 new customers for its wealth management and asset management business, according to Iiyama in a «Bloomberg» report.
«We are doing better than we thought,» Iiyama said.
Japan Advantage
Interest in Nomura is driven not only by its research capabilities in Japan’s economy and industry but also by the country’s experience in undergoing challenges that China now faces.
«Japan can be a very good reference because it has gone through various challenges,» Iiyama said, citing trade tensions with the U.S. and an aging population.
Hiring Focus
Thus far, Nomura has hired around 170 people including researchers, traders and asset managers. Front office staff make up half of this figure with about 30 bankers specifically serving wealthy Chinese.
Nomura aims to increase its mainland headcount to around 300 next year with a focus on private bankers and other front office staff.
Continued Expansion
Alongside headcount growth, Nomura will also add new locations within mainland China. In addition to Beijing and Shanghai, it is looking to set up a third branch in Shenzhen, Tianjin or Chongqing where wealthy individuals reside.
Expansion of its wealth business is the first stage of a broader plan to become a full service brokerage house in China by 2023. Currently, Nomura oversees more than 50 billion yen ($483 million) of assets in China, according to Iiyama.
