June 7 (Bloomberg) -- Nomura Holdings Inc., Japan’s largest brokerage, hired Glenn Schorr from UBS AG to head its U.S. financial-equities research team.
Schorr, 43, will join Nomura in New York as a managing director, the company said today in a statement.
“The addition of Glenn represents another step toward the development of a top-tier U.S. equity-research franchise for Nomura,” Michael Rietbrock, head of U.S. equity research for Nomura Securities International, said in the statement.
Chief Executive Officer Kenichi Watanabe, aiming to transform the Tokyo-based brokerage into a global financial firm, announced plans last month to offer research coverage for 600 U.S. companies in a bid to boost revenue from the world’s biggest equity market. Nomura, which bought Lehman Brothers Holdings Inc.’s Asian and European units in 2008, is investing 250 billion yen ($2.74 billion) to expand business in the U.S.
Watanabe is spending part of the $8 billion Nomura raised in share sales since March 2009 on expanding in the U.S. The firm increased its U.S. workforce to about 1,781 people at the end of March, from 1,079 a year earlier.
“The successful build of our U.S. franchise is absolutely core to Nomura’s global ambitions. Hiring outstanding talent exemplifies our commitment to developing our U.S. business in a first-rate way,” Naoki Matsuba, Nomura’s president and CEO for the Americas and co-head of global equities, said in the statement.
The U.S. equities-research expansion will take place over the next three years. Nomura has already increased fixed-income division employees in the region to more than 270 from 50.
Schorr joined UBS in 2003 from Deutsche Bank AG where he was a financial-services analyst. He left UBS in March 2009 to rejoin Deutsche Bank for about two months when UBS announced in May that it had lured him back. Schorr began his career at JP Morgan Chase & Co. as an assistant treasurer in the global securities services division. Schorr holds a bachelor’s degree in finance from Binghamton University and is a CFA charter holder.
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