Nomura’s Asia Execution Head Watanabe Leaving After 27 Years

Nomura Holdings Inc.’s Joji Watanabe, the head of execution services for the Asia-Pacific region, will leave Japan’s biggest brokerage after 27 years.

The Tokyo-based company appointed Paul Beresford as the head of execution services in Asia excluding Japan, joining from Instinet, where he was head of program sales trading, according to an internal memo obtained by Bloomberg. Rafi Mohideen will become Instinet’s Asia-Pacific head of sales trading, the memo shows.

Chief Executive Officer Koji Nagai has been focusing on operations in Asia including Japan as he overhauls businesses in Europe and the U.S. by eliminating jobs and closing some businesses, including European equity research and underwriting.

Watanabe is a Hong Kong-based managing director. The memo, which was distributed on Friday, didn’t mention why he is leaving. Beresford will take the new role in the next few weeks, according to the document. Kenji Yamashita, a Tokyo-based spokesman, confirmed the contents of the memo, declining to comment further.

Instinet is an agency brokerage, a trading platform and the equities execution arm of Nomura.

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