Nomura adds to India distribution capability

The Japanese bank has hired Abhijit Shrivastava from Deutsche Bank, as it seeks to capture growth of India’s credit market.
The rout in emerging markets has been particularly acute in India, where outflows of foreign capital have helped the rupee to lose 20% against the dollar since May.
The rout in emerging markets has been particularly acute in India, where outflows of foreign capital have helped the rupee to lose 20% against the dollar since May.

Nomura has hired Abhijit Shrivastava to cover credit distribution for the global markets team in Mumbai, in anticipation of a growth in India’s fixed-income revenues.

The rout in emerging markets has been particularly acute in India, where outflows of foreign capital have helped the rupee to lose 20% against the dollar since May. But the resulting surge in bond yields is encouraging local investors to enter the market and take advantage of the attractive returns on offer.

“The India credit market is a focus growth area for fixed income distribution,” said Neeraj Gambhir, Nomura’s head of fixed-income for India, and Samir Bhandari, head of local markets institutional sales, in an internal memo announcing the hire. “We have strong onshore origination, structuring and trading capabilities. With [Shrivastava] adding to onshore specialist distribution for the product, we will further augment the credibility of our credit platform.”

Shrivastava will have the title of executive director and reports to Gambhir and Bhandari. A spokesman at Nomura confirmed the hire and said that the position was a new addition to the bank’s global markets team in India.

Shrivastava previously worked at Deutsche Bank for four years, focusing on local and foreign currency loans distribution to onshore and foreign banks, based in India. He also spent five years with Citi in loan syndication and corporate financing.

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