Exclusive: Former CS senior Apac QIS structurer resurfaces at Nomura

The Japanese bank continues to bolster its equity structured solutions franchise as a key strategic priority in Asia.

The structurer's license with Credit Suisse (CS) was terminated on 15 March, four days before the 167-yearold Swiss investment bank agreed to be bought by its main rival UBS in an emergency takeover, according to the Monetary Authority of Singapore (MAS).

The acquisition is set to complete as early as 12 June with the corresponding delisting of CS Group AG shares from the SIX Swiss Exchange and New York Stock Exchange, the bank announced Monday.

derivatives sales at the Swiss bank, to its in Hong Kong team, SRP has learnt.

Recent moves

The appointment of Florentin comes after Bogdan Ianev, ex-managing director and head of volatility solutions specialising QIS for Americas at CS, joined Japanese bank Mizuho in March.

Ianev is now head of structuring, equity derivatives at Mizuho Americas and continues to be based in New York.

Clement Florentin (pictured) has joined Nomura as head of equity structuring, Asia ex-Japan and head of global markets quantitative index strategies (QIS) structuring, Asia Pacific (Apac), according to an internal memo seen by SRP.

Based in Singapore, he reports to Rana Dasgupta, head of global markets structuring, Asia ex-Japan, in Singapore, and Hiroshi Shikano, head of global markets structuring, Japan, in Tokyo.

‘The innovation, growth and sustainability of our equity structured solutions franchise is a key strategic priority in Asia as we seek to broaden our client base and identify new revenue opportunities,’ stated the memo released on 31 May.

In his new role, Florentin is responsible for the expansion of Nomura's QIS product and infrastructure footprint in Apac, and will work closely with sales, trading and global structuring teams across the bank's global markets client franchise, according to the memo.

SRP understands that Florentin's role is newly-created with his sales counterpart being Ajay Jain, who became the head of equity product sales, Asia ex-Japan based in Hong Kong SAR last November.

At CS, Florentin spent nearly 15 years across London, Hong Kong SAR and Singapore where he started his career with his last role being managing director, co-global head of QIS distribution structuring, Asia ex-Japan as well as head of equity derivatives and investment solutions structuring, Asia ex-Japan.

‘He has deep experience in origination, design, delivery of investment solutions capabilities and leading equity derivatives franchise growth through innovation, origination and platform development,’ stated the memo. Early next month, Nomura will welcome another former CS banker, who was most recently director in equity

Several senior executives in global markets had chosen to depart CS since Q4 2022 when the bank's five-year credit default swaps hit a record high, significantly impairing its structured products business. The second half of the year is expected to see further departures from CS’ investment banking unit.

Within Nomura, Simon Yates was named as global head of equities at Nomura Securities International based in New York in March.

Nomura Holdings reported US$10.1 billion net revenues for the FY2022/23 ended in March, down two percent year-on-year. Pre-tax income dropped 34% to US$1.1billion while net income attributable to shareholders decreased 35% to US$699m, according to its latest annual report.

‘In Wholesale, global markets booked stronger fixed income revenues. In investment banking, advisory revenues remained solid on contributions from equity private placement deals, offsetting a significant decline in global fee pools, while the equity capital markets business improved from a slow first half,’ said Kentaro Okuda, Nomura President and Group CEO.