HONG KONG Dec 24 Nomura Holdings Inc
has wound down its five-member Hong Kong-based financial
institutions group (FIG) banking team as part of a wider
reorganisation of its investment banking business, sources
familiar with the matter said on Monday.
The team, headed by Petter Sternby, was shut last week,
though many in the group were prepared for such an outcome, the
sources said. Sternby and insurance specialist Peter Goulston
were the two managing directors in the team, while the rest were
lower-ranking executives, the sources said.
The FIG team focused on advising banks, insurers and fund
management companies on mergers and acquisitions, capital
raising, and restructuring.
A Nomura spokeswoman in Hong Kong declined to comment on the
move, but said: "Nomura's client coverage is aligned by country
and product expertise which is a more efficient and sustainable
model in the current environment."
The sources declined to be identified as the information was
(Reporting by Denny Thomas; Editing by Daniel Magnowski)