Japan's Nomura Holdings Inc. is looking to add to its private banking team in Hong Kong and Singapore as it aims to grow its AUM from the two hubs to US$50 billion by March 2026, Bloomberg News reported.
Nomura is ramping up its efforts in Asia as it seeks growth outside Japan, said Yuji Hibino, a senior managing director in charge of the company's business for Asia excluding Japan. The Tokyo-based company plans to increase the number of relationship managers to 100 in three years from 57 as of December 2019. It currently manages about US$10 billion of assets in Asia excluding Japan.
As for Nomura's new joint venture in China, the company expects to expand its headcount for the venture to 500 by 2023 from about 100 currently.
The company is also looking at inorganic opportunities for growth but is not currently in any talks for acquisitions, said Hibino.