HONG KONG, March 3 Nomura Holdings Inc has hired former Barclays trader Pradeep Swamy to start a new proprietary trading team in Hong Kong.
The move comes as Wall Street banks retreat from the lucrative proprietary trading business after regulatory changes put in place after 2008 curbed banks from making bets with their own money.
Swamy, a former Hong Kong-based managing director in the equities division of Barclays Plc, joined Nomura last week to lead the new Equity Principal Strategies Group.
Fred Lam, Swamy's former colleague at money manager Cheyne Capital, has also joined the team.
A Nomura spokesman confirmed the two appointments.