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According to an internal Nomura memo seen by FinanceAsia, Patrick Kwan, Nomura’s head of investment banking, Asia ex-Japan (AEJ), has decided to leave his leadership role at the bank “to pursue other interests.”
According to the internal memo, Kwan, who joined Nomura in January 2022 from Credit Suisse, helped "solidify" the bank's investment banking franchise in AEJ, positioning it for “the anticipated upturn in activity across the region and for sustained profitability".
As a result of Kwan's departure, Jwalant Nanavati, currently Nomura's head of investment banking, Southeast Asia, and head of technology, media and services (TMS), AEJ, will become head of investment banking, AEJ. He will continue in his role as head of Southeast Asia, with additional responsibility for East Asia.
All changes are effective from July 17, 2024.
Singapore-based Nanavati will partner with Andrew Macgonigal, who will become co-head of investment banking, AEJ, in addition to his role as head of investment banking, Australia, and CEO of Nomura Australia. Macgonigal will continue to grow the financing and solutions platform across AEJ.
Akihiro Koseki, will also remain as co-head of investment banking, AEJ and drive the relationship with Japan. Nanavati and Macgonigal will report to Patrice Maffre, Nomura’s international head of investment banking, “functionally” and “regionally” to Kenji Teshima CEO, Nomura Asia Pacific Holdings.
According to the memo, Navanati will drive Nomura’s client strategy with a focus on growing its advisory productivity, while driving financing and solutions cross-selling opportunities.
The AEJ region will be led by a newly established executive committee: Nanavati; Macgonigal; Koseki; Amit Thawani, Nomura's head of investment banking, India, and Erik Tung – Nomura's head of investment banking, China. The executive committee will coordinate closely with Pei Shen Chou, Nomura's head of advisory, AEJ, and Alister Moss, interim head of CFS, AEJ, to ensure alignment between its coverage and product efforts across the region, the memo said.
The committee will work closely with the AEJ wholesale leadership team to "enable cross-divisional alignment and connectivity" according to the memo. The memo was signed by Nomura's Masahiro Goto, global head of investment banking, Teshima and Maffre.
According to reports there have been around 10 job losses at Nomura as a result of the changes in Hong Kong and mainland China, where it has an office in Shanghai and a representative office in Beijing, although the bank declined to comment on this when approached by FA.
According to the firm's website, in Asia ex-Japan, Nomura has offices in Australia, Hong Kong, India, Indonesia, mainland China, Malaysia, the Philippines, Singapore, South Korea, Taiwan and the UAE.
