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Nomura Code Viability Said to Be Under Review by Parent

Aug. 5 (Bloomberg) -- Nomura Holdings Inc. is reviewing the financial viability of Nomura Code Securities Ltd., the Japanese bank’s U.K. brokerage specializing in health and clean-technology companies, said a person with knowledge of the matter.

Nomura Code alerted the London Stock Exchange last month it had ceased making a market in U.K. stocks. The parent company is set to conclude a formal review of the unit’s operations in a few weeks, said the person, who asked not to be identified because the process hasn’t been made public. Sunny Tucker, a Nomura spokesman in London, declined to comment.

About 30 people work for Nomura Code, which is run by Chief Executive Officer Chris Collins. Its health-care analysts, Samir Devani, Gary Waanders and Michael King, follow companies including GW Pharmaceuticals Plc, BTG Plc and Abcam Plc. A call to Collins for comment wasn’t immediately returned.

Code Securities Ltd. was set up in 2003 from the health-care team at WestLB Panmure. Nomura, Japan’s largest brokerage, acquired the firm in 2005. Nomura Code operates independently from the parent company’s investment bank.

In addition to research and equity sales and trading, the firm also advises on mergers and arranges stock sales. Nomura Code focuses on companies valued at less than 1 billion pounds ($1.53 billion). John-Marc Bunce and Ken Rumph, the firm’s clean-tech analysts, follow companies including Oxford Instruments Plc and Ricardo Plc.

To contact the reporter on this story: Trista Kelley in London at tkelley2@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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