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Nomura's head of Asia-Pac debt syndicate resigns
Tue, Mar 10, 2009
Reuters

HONG KONG, March 10 (Reuters) - Nomura Holdings' head of Asia-Pacific debt syndicate, Fredric Teng, has resigned from the firm for personal reasons, a spokeswoman at the Japanese brokerage said on Tuesday.

Teng spent 14 years at Lehman Brothers before joining Nomura after the brokerage bought the Asia and European operations of the failed U.S. investment bank late last year.

Teng joined Lehman in London and then worked in Japan as head of the international bond business before coming to Hong Kong in 2005 to head up regional debt syndicate operations. He served in the same role at Nomura until his departure.

The banker left for personal reasons, a source with direct knowledge of the move had told Reuters earlier in the day, which was confirmed by the Nomura spokeswoman. Teng was not immediately available for comment.

No decision has been made as to Teng's replacement, the spokeswoman said.

Nomura provided expensive bonus guarantees for the staff at the U.S. bank it was keen on retaining, but like other investment banks, it has also reduced headcount in the the region.

The brokerage last month said it would issue up to $3.3 billion in new stock to replenish its capital base after posting a record quarterly loss of 342.9 billion yen ($3.47 billion) in January.

Still, Nomura is expanding in other areas, with sources familiar with the situation telling Reuters the brokerage is hiring more than 50 senior bankers, traders and salesmen in New York.

 

 
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