August 30, 2024
New Delhi, India
Nomura Holdings plans to hire 30-35 wealth management bankers over the next two years across its key Asian offices in Hong Kong and Singapore, and in Dubai, according to a report by Reuters on August 30. This move marks a significant expansion effort aimed at increasing the bank’s wealth assets outside of Japan to $35 billion by next year.
Key Details of the Hiring Plan:
- Total New Hires: 30-35 wealth management bankers over two years
- Targeted Locations:
- Dubai: 3-4 relationship managers by the end of 2024 (increasing the headcount to 10)
- Hong Kong and Singapore: Approximately 15 new hires each over two years (current headcounts: 50 in Hong Kong, 40 in Singapore)
- Objective: Increase foreign-held wealth assets to $35 billion, up 46% from the current $24 billion
Ravi Raju, Nomura’s Head of International Wealth Management (IWM), stated that the hiring push is a part of Nomura’s broader strategy to expand its presence in the wealth management sector, a stable and growing area of income compared to the more volatile trading business.
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Focus on Key Growth Markets
This is the first time Nomura has detailed its hiring plans for the Middle East and Asia by location, indicating a focused strategy to capitalize on the region’s growth. Raju emphasized that Dubai has seen “tremendous growth” and offers a prime opportunity for tapping into new talent.
Business Momentum and Competition
Despite being a relatively late entrant to Dubai (establishing a branch in 2023), Nomura sees the region as an area of substantial growth, alongside its expansion in the wealth hubs of Hong Kong and Singapore. Nomura’s wealth management division has already generated $14 billion in net new money and opened around 2,000 new client accounts over the last three years.
Raju highlighted that “current business momentum indicates that IWM doesn’t see any impediment to achieve its medium-term plan,” expressing confidence in reaching the $35 billion target by leveraging growth opportunities in these regions.
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Outlook for Wealth Management Expansion
Nomura’s expansion strategy comes amid growing competition in the wealth management space from larger global players, particularly in markets like Dubai, Hong Kong, and Singapore. However, the bank aims to distinguish itself by focusing on bringing in entrepreneurs as clients, supported by its global markets and investment banking expertise.
Overall, Nomura’s push to expand its wealth management operations outside Japan aligns with its goal of tapping into high-growth regions and increasing the stability of its income streams.
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