Nomura has appointed Trevor Rosmarin to head of local rates and foreign exchange (FX) institutional sales for Asia ex-Japan.
Rosmarin replaces his former boss Toru Tokoyoda who left the bank last week, Asiamoney PLUS understands.
The reasons for Tokoyoda’s departure could not be gleaned but the bank is in the process of shaking up its senior staff in a bid to replace underperformers and also to target areas in which it feels it can compete, in the face of challenging markets and a regulatory crackdown that is putting pressure on profits.
Nomura recently scaled down its commodity business in March. A large chunk of sales, trading and the structuring staff were affected with junior staff moving other positions outside of commodities while traders will be required to wind down existing positions.
Rosmarin joined Nomura in November 2009 from Bank of America-Merrill Lynch (BoA-Merrill) initially to head up hedge fund FX derivative sales based in Singapore. He reported to Tokoyoda and soon after jumped ranks heading up foreign exchange sales for institutional investors, his most recent position.
A spokeswoman at the bank declined to comment.