As 2024 begins, SRP looks back at the most relevant people moves stories in 2023 highlighting new hires and exits at the main issuers of structured products across markets.
The Japanese bank was one of the issuers with most changes within its ranks across jurisdictions since the beginning of the year.
In February 2023, Nomura Securities appointed Joshua Lukeman as managing director, head of US delta one index.
Based in New York, Lukeman joined the Japanese bank from Credit Suisse (CS) where he spent nearly 19 years in a number of senior roles, with most recently head of the equity finance group for the Americas. Before CS, he spent six years at Morgan Stanley as an equity and index option market maker.
At Nomura, Lukeman is responsible for expanding the bank’s delta one index and ETF products as well as for broadeing the bank’s US equities offering. He reports to Matthew Ferreira, head of US delta one and equity finance.
In March, Simon Yates (pictured) was named new global head of equities at Nomura Securities International (NSI), based in New York. With over three decades of experience in the industry, Yates has been with Nomura since 2021, with his most recent position as global head of equity trading and international head of equities at Nomura Securities International (NSI).
He was promoted alongside Rig Karkhanis, deputy head of global markets in Singapore; John Goff, head of global markets for Europe, the Middle East and Africa (Emea) at Nomura International, Richard Volpe, global head of rates at NSI and Ravi Raju, who was tapped as head of International Wealth Management at NSI in September 2020.
Before Nomura, Yates spent two years as CEO at Two Sigma Securities, the market-making division of the New York-based hedge-fund firm Two Sigma Investments. Previously, he was the global head of equity derivatives at Citi and global head of equity derivatives and co-head of equities Emea in London and New York for almost 13 years at CS.
In May, Clement (right) joined Nomura as head of equity structuring, Asia ex-Japan and head of global markets quantitative index strategies (QIS) structuring, Asia Pacific (Apac).
He joined from CS where he spent nearly 15 years across London, Hong Kong SAR and Singapore, Florentin was the former 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.
At Nomura, he is responsible for the expansion of the bank’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. 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.
Meanwhile, Justin Chan, former head of Asia Pacific solutions sales for private banks and Hong Kong retails at CS, also joined Nomura in a similar role. Before CS, he was with Singapore’s DBS Bank where he was an analyst in equity capital markets.
H2 2023
In July, Rany Moubarak (right) was named head of global markets for the Middle East and Africa at Nomura. The former co-head of global markets structuring for Asia ex-Japan at the Japanese bank relocated to Dubai for his new role leading the region. He reports to John Goff, global head of structuring. In January 2021, Moubarak joined Nomura from Morgan Stanley in Hong Kong SAR. Rana Dasgupta is now the sole head of GM structuring, Asia ex-Japan at Nomura.
Also in July, John Goff, Moubarak’s boss, was appointed as senior managing director, global head of structuring at Nomura International. The newly-created role was established as the Japanese bank seeks to capture ‘considerable opportunity’ in its structured product business. Besides overseeing of global structuring teams, Goff acts as the primary liaison for GM with the investment banking division.
Goff joined Nomura in the Asian financial hub in October 2008 following a three-month stint at Lehman Brothers. With his new role, he reports to Rig Karkhanis who was promoted to head of global markets in April.
In August, Nomura revealed six management appointments across its Apac equity derivatives (EQD) trading.
Tomiyuki Oji joined as head of index flow derivatives trading, Apac from Goldman Sachs where he managed Apac single stock and index derivatives trading. Oji reports to Arnaud Lannic, head of equity products, Asia ex-Japan and Tsukasa Honda, head of equity trading, Japan.
Vikas Kumar was named as head of equity derivatives trading, Asia ex-Japan. Most recently, he worked for Bank of America in London where he led exotics trading across Europe and Asia. Kumar reports to Lannic.
Sachin Tulshyan is responsible for India delta one trading, flow index and structured financing, Asia ex-Japan. He is tasked with growing the equity products platform across linear and non-linear structures, and reports to Abhishek Gupta and Kumar. Tulshyan worked for Citi where his roles included head of India equity trading and emerging market flow trading as well as head of Apac futures, clearing and foreign exchange prime brokerage.
In addition, Ryoichi Irisawa was appointed head of structured derivatives trading, Japan with experience in corporate derivatives trading. He continues to report to Honda. Dinesh Gurnani is the new head of corporate derivatives trading, Apac – an expanded mandate from his previous coverage of Asia ex-Japan. He reports to Ryoichi Irisawa for Japan and Lannic for Asia ex-Japan.
Lastly, Haruno Tani was named as head of equity QIS trading, Japan. Tani is responsible for expanding the QIS business by working with the fixed income unit as well as other global stakeholders. She continues to report to Irisawa.
In September, Nomura announced the hiring of three senior executives – David Steckl, Sandeep 
Bidani, the new managing director in structured equity derivative sales, joined from CIBC Capital Markets as manager director and deputy head, global cross asset solutions. Singh joined as executive director in structured equity derivative sales. His most recent role was as executive director in institutional sales, equity derivatives at CIBC Capital Markets. Steckl who joins as a managing director in rates sales, most recently worked at Credit Agricole as head of rates and solutions sales.
Based in New York, all three businesses’ roles focus on delivering bespoke solutions for annuity hedging, capital markets and financing for insurers across asset classes and regions. Steckl and Bidani report to Darren Shames, head of global markets Americas sales, and Singh reports to Bidani.
In November, Jérôme Brochard was appointed as managing director, global head of QIS structuring and EMEA head of QIS distribution at Nomura. In this newly-created role, he is responsible for leading the development and distribution of the bank’s QIS team across asset classes and trading strategies. He reports jointly to John Goff and Gary Hyman, head of Emea global markets sales and will be based in Paris.
Brochard joined Nomura from CS in London where he was the managing director, global head of institutional QIS structuring for over four years. Prior to the Swiss bank, he served as the founder and co-chief investment officer at AXA Investment Managers Chorus. Before that, he was the managing director, global head of systematic trading strategies at Goldman Sachs, in London.