Nomura Holdings Appoints Hemish Shah as Head of Flow Rates

Nomura Holdings Inc. has appointed Hemish Shah as head of flow rates for Europe, the Middle East, and Africa as the Japanese broker works on expanding its wholesale operations in the region.

Shah’s Background and Appointment:

The Tokyo-based lender said in a statement on Monday that it hired Shah from Deutsche Bank, where he oversaw the rates desk. At Nomura, he will report to Richard Volpe, global head of rates, and Nat Tyce, head of global markets for EMEA.

UK regulators have recently eased capital demands on the Japanese broker that had been placed after it lost $2.9 billion on fund Archegos, Reuters reported, freeing up the firm from a punitive measure that curbed risk-taking. The additional capital that Nomura now has available will be invested in its wholesale business in Europe.

Financial Performance and Strategy:

In its third quarter, which ended in December, the lender’s wholesale unit delivered a pretax profit of 23 billion yen, following a loss of 1.9 billion yen in the same quarter of the previous year. 

Revenue from fixed-income products increased by 19% in the third quarter to 103.5 billion yen compared to the same quarter last year, “driven by an uptick in Americas with Japan remaining solid,” it said in a presentation.

Shah replaced Pasquale Cataldi, who was in charge of the EMEA flow rates until he left last year. Deputy head Olek Gajowniczek also left the firm last month.