Mizuho Quits Singapore Prime Brokerage Biz.

Apr 6 2011 | 1:33pm ET

After more than two years trying to crack the Singapore prime brokerage market, Mizuho Securities is giving up.

The brokerage unit of Japan's Mizuho Financial Group has closed its prime brokerage in the city-state, laying off most of its 30 employees, Reuters reports. The firm entered the space in 2008, when it moved a team from Lehman Brothers' Tokyo office to Singapore.

Mizuho's Singapore prime brokerage was designed to handle algorithmic and high-frequency trading, but despite $150 million in infrastructural investments, failed to attract many clients.

"Mizuho's IT resources—both manpower and budget—were wasted," a source told Reuters. "The team had zero new clients for the last six months or so."


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...