Nomura’s Prime Brokerage Pullback Deals Blow to Global Goals
- Firm to stop offering prime-brokerage services in U.S., Europe
- Brokerage has lost top level bankers in wake of Archegos saga
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Just weeks after Nomura Holdings Inc. vowed to push ahead with its global ambitions, unswayed by deep losses from the implosion of Archegos Capital Management, the firm is pulling the plug on a chunk of its hedge fund business.
Japan’s biggest brokerage will stop offering cash prime-brokerage services in the U.S. and Europe, and has given some clients about six months to find a new provider, according to people familiar with the matter, who asked not to be identified discussing the private information. A spokesman for Nomura declined to comment.