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Foreign Exchange

Nomura restructures management of FX sales team; Steck takes on new role

Nomura has restructured its senior FX sales management team, according to two people familiar with the situation.

David Steck will step down from his position as global head of FX sales based in New York and assume a new senior relationship role in the Americas, with broad responsibility for client relationships across the firm’s fixed-income group, the people say. This is believed to be a newly created role at the firm, and Steck will transition out of his present role in the coming weeks.

At the same time, Luciana Galan and Chris Lutton have been appointed as co-heads of FX sales for the Americas, with Galan responsible for Latin America and Lutton for G10 sales. Fabrizio Russo will remain head of FX sales in the EMEA region.

Steck joined Nomura in October 2009 to run all products and functions for foreign exchange in the Americas, where he effectively set up the firm’s FX operations in the region. He had previously spent 11 years at Deutsche Bank, where he had been head of institutional investor and hedge fund sales.

In November 2010, he was appointed global head of FX sales at the same time the investment bank set out to expand its Latin America FX coverage.

He reported to Peter Hornick, head of fixed-income sales for the Americas, and globally to Richard Gladwin, global head of foreign exchange and commodities. Both of whom have now left Nomura – Hornick in March and Gladwin in August.

Steve Ashley was appointed global head of both divisions in March.

Nomura’s expansion into the North America has underperformed the relative progress it has made globally since its FX expansion began in 2009. In that time, Steck grew the firm’s North American market share from nothing to 0.95%, versus Europe, where Nomura managed to pick up more than 2% market share, peaking in 2010 (2011 Euromoney survey), according to Euromoney Market Data.

In Asia, the firm seems to have the most momentum, growing market share to just under 2% in 2012 from virtually nothing in 2009, largely the result of gains in its domestic market where it has picked up 3.7% market share over the same period. During that time, it has managed to grow its share of Latin American business with local clients to 1% and is ranked 17th in a region, which represents 1.6% of global turnover.

A Nomura spokesperson declined to comment on the management restructuring.


 Nomura global market share by region 2009 and 2012

 
 Source: Euromoney Market Data
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