Nomura has promoted Rig Karkhanis to head of fixed income for Asia ex-Japan, in an expansion of his previous role as head of fixed income Singapore. He replaces Jai Rajpal, who was previously based in Hong Kong but is now moving to London to take on the role of global head of forex. Rajpal replaces Richard Gladwin, Nomura’s former global head of forex.
In his new role, Karkhanis will continue to be based in Singapore. He reports locally to Minoru Shinohara, CEO, Asia ex-Japan; regionally to Yutaka Nakajima, Asia-Pacific head of fixed income trading, and Takashi Abiko, Asia-Pacific head of fixed income sales; and globally to Steve Ashley, global head of fixed income.
Karkhanis joined Nomura in September 2010 from hedge fund Millennium Partners, in Singapore, where he was a portfolio manager. Prior to that, he was Pacific Rim head of rates and currencies sales and trading at Merrill Lynch, and also spent 10 years at Deutsche Bank in Europe and Asia in forex trading.
“Nomura services the fixed-income requirements of its clients in Asia ex-Japan out the dual hubs of Singapore and Hong Kong, and Rig’s appointment underscores the pivotal role he has played to date in building the business in the region,” said Takashi Abiko in a release.
Nomura’s fixed-income team has seen some movement during the past few months. George Sun, co-head of fixed income sales for Asia ex-Japan, left the bank in June this year to join rival Standard Chartered. Following that, Samir Bhandari became sole head of institutional sales for fixed income in Asia ex-Japan.
The firm has been working hard to establish its brand outside Japan and earn recognition as a global investment bank, but a recent insider-trading scandal and the resignation of chief executive Kenichi Watanabe has led to speculation that it may re-consider its global expansion strategy.
In public, the bank is maintaining its commitment to the region. “Nomura has established a robust and profitable fixed-income business in Asia ex-Japan over the past three years and Rig’s appointment signals our intent to continue the build-out of this platform,” said Shinohara in the release.
According to Dealogic, Nomura is ranked 21st in the league tables for US dollar bonds for Asia-ex Japan with a 0.8% market share.