Another blow to Nomura’s global ambitions

Japan’s biggest brokerage will stop offering cash prime-brokerage services in the United States and Europe, and has given some clients about six months to find a new provider, according to people familiar with the matter, who asked not to be identified discussing the private information,

TOKYO: Just weeks after Nomura Holdings Inc vowed to push ahead with its global ambitions, unswayed by deep losses from the implosion of Archegos Capital Management, the firm is pulling the plug on a chunk of its hedge fund business.

Japan’s biggest brokerage will stop offering cash prime-brokerage services in the United States and Europe, and has given some clients about six months to find a new provider, according to people familiar with the matter, who asked not to be identified discussing the private information.