Nomura sets up new trading group led by ex-Barclays exec

Reuters - UK Focus

By Nishant Kumar

HONG KONG, March 3 (Reuters) - Nomura Holdings Inc (Other OTC: NRSCF - news) has hired former Barclays (LSE: BARC.L - news) trader Pradeep Swamy to start a newproprietary trading team in Hong Kong.

The move comes as Wall Street banks retreat from thelucrative proprietary trading business after regulatory changesput in place after 2008 curbed banks from making bets with theirown money.

Swamy, a former Hong Kong-based managing director in theequities division of Barclays Plc, joined Nomura lastweek to lead the new Equity Principal Strategies Group.

Fred Lam, Swamy's former colleague at money manager CheyneCapital (Other OTC: CGHC - news) , has also joined the team.

A Nomura spokesman confirmed the two appointments.

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