Nomura Holdings is expanding its wealth management team in Singapore and Dubai after its global business turned a profit last year, 18 months ahead of target.
The Tokyo-based firm is moving to a new office in Dubai that can accommodate up to 60 staff, double the space at its previous location, Ravi Raju, head of Nomura’s international wealth business, said in an interview. Nomura is also hiring in Singapore, after beefing up staffing in Hong Kong last year, he said, without providing specific numbers.
Nomura is making a big push in private banking as part of its efforts to diversify revenue beyond investment banking and global markets. The 100-year-old firm is also benefiting from an earnings recovery and investors’ renewed appetite for Japanese assets.
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