Nomura Holdings Inc.’s co-head of fixed income for India, Nitin Jain, is leaving the firm to join UBS AG, said two people with knowledge of the matter.
Jain will join UBS as a managing director and run the Swiss bank’s fixed-income business in India, said one of the people, who asked not to be identified because the hiring is confidential. Jain is serving his notice at Tokyo-based Nomura, a person with knowledge of the matter said earlier today.
Indian companies have raised 941 billion rupees ($16.8 billion) in local-currency bond sales so far in 2012, up from 656 billion rupees in the same period last year, according to data compiled by Bloomberg. Nomura ranks 19th among debt underwriters in India this year, up from 22nd for all of 2011, the data show. UBS wasn’t among the 39 firms that managed debt offerings this year, according to the data.
Jain, 43, joined Nomura in February 2010 after a stint running his own trading firm. Before that, he spent 14 years at ICICI Securities Ltd. and headed its primary dealership.
Neeraj Gambhir, who ran Nomura’s Indian fixed-income business together with Jain, will be sole head of the unit, said a person with knowledge of the matter.
Rob Stewart, a spokesman for Nomura in Hong Kong, declined to comment on Jain’s departure.