Nomura Prime Makes Euro. Prime Brokerage Layoffs

Apr 1 2011 | 12:25pm ET

Nomura Holdings has made deep cuts to its European prime brokerage team as it refocuses its efforts on the U.S. and Asia.

At least five top members of its European prime brokerage team have left the firm, part of a wider series of 25 to 30 redundancies across Nomura's European equities business. The cuts come as Nomura reduces its cash prime brokerage business in Europe, where it has struggled to compete, and fall particularly hard on sales and capital introductions staff, Financial News reports.

Among those losing their jobs are Matt Pinnock, co-head of prime services in Europe, the Middle East and Africa. Pinnock's co-head, Jeff Zoreck, remains at Nomura.

Also leaving is recent hire Martin Beeche, who was named European head of prime services origination in October, with a guaranteed pay package of over US$1 million.

In addition, Stu Park, head of European capital introduction, John Southgate, a member of the cap. intro. team, and Marianne Scordel, a member of Beeche's origination team who also joined in October, have also left. And Florent Josset, global head of capital introduction, has been moved into fund-linked distribution.

The exits leave only junior staffers on Nomura's European cap. intro. and originations teams.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of