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."