Nomura Securities International's asset finance group is making personnel changes as part of a bid to boost its asset-backed principal finance business. Nomura has, until now, not committed money across the capital structure to asset finance deals. The 30-person asset finance group, headed by Gary Wilder and Derek Vargo, recently informed at least five people that their jobs were at risk of redundancy, according to a headhunter familiar with the situation. Christian Marx, a director, and four other structurers are thought to be affected, according to the headhunter. Marx declined to comment, as did Clare Williams, spokeswoman for Nomura. The firm said at the end of last year that it planned to take a principal finance role in underwriting asset-backed bonds.
In connection with the group's new focus, Nitin Bhandari, formerly the co-head of principal and real estate finance at Bear Stearns, has been hired and is expected to start in a senior principal finance role at Nomura in July. He will report to Wilder and Vargo, said an asset finance professional close to Bhandari. Bhandari was traveling last week and could not be reached.