Nomura's prime brokerage plans and hokey cokey jobs

Nomura is having a moment. Bloomberg reported yesterday that the Japanese bank, whose wholesale division is now led by demanding ex-JPMorgan banker Christopher Willcox, wants to get back into cash prime brokerage in the UK and Europe. 

It's a fine aspiration, but one that has a ring of déjà vu. Nomura has been in and out of the prime broking business on many occasions in recent decades.

In 2010, for example, Nomura felt a prime broking moment coming on, and so hired Martin Beeche as EMEA head of prime services origination in London on an alleged $1m package. Less than one year later, it had a change of heart and let go of Beeche and various others. Beeche has since transformed himself into a non-executive director and leadership consultant in Australia.

In the ensuing years, though, Nomura built up its European prime brokerage business again. And then in 2016, it cut again - reportedly making 75% of people in the London prime team redundant. 

Then it built it up again! Dougal Brech, Credit Suisse's head of European prime finance arrived to lead another prime push in 2018. Then it cut again! In 2022, Brech and others were let go after Nomura pulled back from its prime brokerage in the UK and Europe. Brech has since reinvented himself as a sustainable investor, digital asset manager and property developer.

Now it seems that another generation of prime brokerage professionals have the opportunity to get in (and maybe then out) of the Japanese bank. It's already hired US-based Matias Bercun from Barclays to run the prime business globally (although Bercun has yet to start according to his FINRA registration), along with Oliver Jacomb from BNP Paribas as head of EMEA prime sales.  

Bloomberg notes that Nomura didn't leave the prime business entirely last time - it was still active in Asia and still offered related services in the US and Europe. The Japanese bank's renewed enthusiasm for a more full-bodied approach surely reflects the importance of hedge fund clients in cash equities trading. BNP Paribas said yesterday that its prime business helped drive a 42% year-on-year rise in equities revenues in Q1. 

Nomura has competition for new prime services professionals. Citi aspires to grow its prime business, too. This may be therefore be a fine moment to negotiate a large package to join the Japanese bank with a view to becoming an NED or AI advisor if Nomura changes its mind sometime in 2027. 

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