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

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.