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Derivatives

Nomura Looks To Build Up Equity Exotics

Nomura in London is planning to expand its structured equity business.

Nomura in London is planning to expand its structured equity business. Mike Fullalove, co-head of equity derivatives at the firm in London, said a major push is in the works next year.

The firm already prices most structured equity instruments, but will be making a concerted effort to grow this business. It will focus on Asia and Europe, working with the investors it has developed through selling fund-linked investments. Nomura will be able to offer a full range of structured equity products but it will look to structure new investments based around its own research ideas and market themes. Fullalove said it will differentiate itself from the rest of the Street by offering better client service and also because it does not already have equity correlation positions.

Nomura kick started its equity derivatives operation by hiring a team from Merrill Lynch, including Fullalove, two years ago (DW, 7/27/04). Since then, it has focused on three main areas within equity derivatives: flow sales to hedge funds, hedge fund financing and structured fund-linked investments.

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