Rig Karkhanis, the head of global markets at Nomura Holdings, is set to return to Singapore after a transformative year in London, where he revamped the business and made significant executive appointments. This move is part of Nomura’s strategic focus on strengthening its presence in Asia.

Karkhanis, who relocated to London a year ago, is returning alongside the unit’s Chief Operating Officer, Aleem Jivraj. Both executives were promoted to their current positions in March of the previous year. A spokesperson based in Hong Kong confirmed the details of their return.

Business Expansion:
During Karkhanis’ leadership, the global markets division added over 400 employees in the past year, marking the largest hiring initiative in the company’s history. This expansion aims to diversify the business mix and ensure stable earnings while streamlining operations by reducing non-revenue generating roles. Karkhanis stated that Nomura is targeting a 20% revenue increase for the global markets unit in the coming years.

Key hires in the past year include:

Andrew Kellner: Global Head of Business Resource Management
Hemish Shah: Head of Flow Rates for Europe, the Middle East, and Africa (EMEA)
Ruchir Sharma: Global Head of Forex Option Trading
Nat Tyce: Formerly of Barclays, who will lead the markets business for EMEA, succeeding John Goff, now the Global Head of Structuring.
“Our success in EMEA is critical to the global GM plan and mid-term ambition. I am confident that with the hard work and dedication of our talented team, we will further progress on our plan,” Karkhanis commented.

In addition to the EMEA expansion, the markets division has also added over 20 staff in Asia outside of Japan to enhance its equity derivatives, flow, and structured financing services.