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Nomura shuffles fixed-income unit

Nomura reveals newly appointed global head and deputy global head of fixed income, according to an internal memo obtained by Euromoney

Nomura has unveiled new leadership in its fixed-income unit, according to an internal memo seen by Euromoney.

The investment bank has promoted Steve Ashley as global head of fixed income and has appointed Georges Assi as deputy global head of fixed income, with immediate effect. 

Ashley joined Nomura in May 2010 as global head of rates from Royal Bank of Scotland (RBS), and was then appointed as global head of the macro products group in July 2011, which combined the rates and FX businesses together. He will still be retaining that role, despite his promotion to global head of fixed income.

He will now report directly to Takumi Shibata, chairman and CEO, wholesale, and group COO of Nomura, who took over from Jesse Bhattal a week ago.

Assi will "support Steve as they take Nomura’s fixed-income business forward", says the bank, after previously being the global head of credit products at Nomura.

New appointment: Steve Ashley, global
head of fixed income at Nomura

Prior to Nomura, Ashley spent six years with RBS and was also a member of the Board of RBS Investment Bank, where he was responsible for global delta interest rate trading and flow credit trading.

Before RBS, he spent eight years with UBS in London where he rose to the position of co-head of European rates.

Assi, who is responsible for Nomura's European fixed income division, also runs Nomura's global credit products business, which includes all bonds, loans and credit derivatives across the high grade, high yield and structured credit, and sits on the European Executive Committee and on the Global Fixed Income Executive Committee.

Before joining Nomura in November 2008, Assi was co-head of fixed income in Europe at Lehman Brothers, and a member of Lehman's European executive committee. Prior to that, Assi was Lehman Brothers' European head of credit products, which included the high-grade, high-yield, loan, and structured credit businesses in the fixed income division. Between 2006 and 2008, he was also Lehman's global head of structured credit, which included all cash and synthetic structured credit products with teams in London, New York, Hong Kong, Mumbai and Tokyo.