Nomura has launched a new wealth management business division within the firm’s retail division, integrating the current Japan wealth management group with the Asia wealth management business as part of the firm’s plans to drive further growth across its wealth management business in Asia including Japan.

A Nomura spokesperson told SRP that the new wealth management business will continue to be one of the main distribution platforms for the bank’s structured products.

The new business line will be overseen by Juntaro Kimura, currently head of financial management and wealth management at Nomura Securities in Japan, who will be appointed senior managing director and head of wealth management at Nomura Holdings. All changes will become effective on July 1.

“This new structure underscores our commitment to Asia and positions us to further expand our wealth management business in the region,” said Nomura Group COO Atsushi Yoshikawa. “By establishing Nomura as a leading wealth management firm, we aim to further enhance our corporate value and deliver higher returns for all stakeholders.”

Kimura said that by combining the firm’s Japan and Asia operations, Nomura will be able to achieve greater synergies and deliver “high value-added products” and services to its wealth management clients.

Middle East
The news follow the launch earlier this week of Nomura Asset Management’s (NAM) office in the Dubai International Financial Centre (DIFC).

The launch is part of a broader strategy to strengthen NAM’s Middle East office as a distribution hub to promote and market international products and funds to sovereign wealth funds, pensions and other institutional investors.

The Japanese bank appointed Tarek Fadlallah as chief executive of Nomura Asset Management Middle East in Dubai.

The Japan-based global asset manager has been managing sovereign wealth fund assets for more than 25 years and is among the largest managers of assets in the region. Globally, it has $291bn of assets under management (as of March 2014).

NAM Middle East is a branch of NAM UK, is located within the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA).

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