User talk:Stephane Marchand

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 * Breaking news ****** Stephane Marchand of Ladera Ranch Ca. is promoted to prime services.

Nomura retreats from cash prime brokerage in Europe Harriet Agnew and Matt Turner 31 Mar 2011 Nomura has parted company with several members of its European prime services division as it retreats from carrying out cash prime brokerage in Europe.

Nomura retreats from cash prime brokerage in Europe The bank has made a handful of redundancies in its European prime brokerage business over the past month. This followed a wider review of the equities division instigated by Benoit Savoret, who joined Nomura as joint head of global equities earlier this month.

According to a person close to the bank, the departures in prime brokerage are part of 25 to 30 redundancies in equities across research, derivatives, prime brokerage and execution trading, which were set in place after the review.

One person, who was familiar with the decision, said that Nomura believed it was struggling to compete with more established rivals in Europe in cash prime brokerage, and so planned to redeploy resources to its US and Asia Pacific platforms.

The departures include Matt Pinnock, co-head of prime services Emea, and Martin Beeche, European head of prime services origination, according to several sources familiar with the situation. Beeche joined Nomura in October. According to one of the sources, he had been hired on a guaranteed package worth over $1m.

Most of the cuts within European cash prime brokerage have come in sales and capital introduction, a service that banks normally offer to their hedge fund clients for free.

Su Park, head of European cap-intro, has left, as has John Southgate, who also worked in the cap-intro team. Marianne Scordel, who joined the European prime services origination team with Beeche in October, has also left.

Scordel, Pinnock, Beeche, Park and Southgate were unavailable for comment at time of going to press. Nomura declined to comment.

Departures aside, Jeff Zorek, who was co-head of prime services Emea with Pinnock, remains at Nomura. Florent Josset, who joined Nomura in October as global head of capital introduction, replacing Mandy Mannix, who left to join CQS, is also still there but he has been offered a different role, working in fund-linked distribution.

The departures come after Nomura had been hit by several defections to rivals over the course of last year, which had dealt a blow to its expansion in Europe. Stephane Marchand and Dominic Rieb-Smith moved to JP Morgan; Julien Lederman, who worked on the prime brokerage origination team, left last summer for Goldman Sachs; and another member of the team, Herve Brunel, joined Credit Suisse.

The source familiar with the situation said that these departures had followed bonuses being paid around May, and so turnover in the months following this was inevitable.

Nomura has previously been vocal about outlining aggressive plans for growing its prime services business. In December, Hong Kong-based Tim Wannenmacher, who was global head of prime services, told trade magazine Asian Investor: “We plan to be the dominant prime broker in Japanese strategies, and we plan to move fast to capture that business.”

However, Wannenmacher left the bank a week later.

Nomura now plans to increase its footprint in Asia and the US. Within European cash prime brokerage, only a handful of juniors remain in origination and cap-intro.

While Nomura is retreating from European cash prime brokerage, the bank had been successfully making inroads elsewhere in equities.

Among other things, Nomura is the number one trader on the London Stock Exchange and has been for 21 consecutive months; it is number one trader on the Tokyo Stock Exchange; Nomura is now in the top 5 on Euronext for the first time with 5.5% market share; and over the past two years it has grown market share in equities from 6% to 12.1%.