Nomura Taps David Puritz of Deutsche Bank as Convertibles Head
March 10, 2010, 9:28 PM ESTBy Jeff Kearns
March 11 (Bloomberg) -- Nomura Holdings Inc., Japan’s biggest brokerage, hired David Puritz, head of U.S. convertible bond trading at Deutsche Bank AG, to run the business in New York, two people familiar with the situation said.
Puritz, 36, will be head of convertibles sales and trading and co-head of equity-linked risk at the company’s U.S. unit, Nomura Securities International Inc., according to the people, who declined to be identified because the information isn’t public.
Nomura expanded in Asia, Europe and the Middle East with the October 2008 purchase of some Lehman Brothers Holdings Inc. units and has doubled its U.S.-based staff to 1,400 since then. Deutsche Bank tied for No. 1 with Bank of America Corp. and JPMorgan Chase & Co. for 2009 in U.S. convertibles quality, according to a study by Greenwich Associates in Stamford, Connecticut.
“The fact that they can hire someone of his stature is a further confirmation of their serious effort to build a competitive investment-banking business in the United States,” said Richard Lipstein, managing director at Boyden Global Executive Search Ltd. in New York.
Peter Truell, a spokesman for Tokyo-based Nomura, declined to comment. Michele Allison, a spokeswoman for Frankfurt-based Deutsche Bank, said Puritz left the firm and declined further comment. Puritz declined to comment.
Puritz will report to Ciaran O’Kelly, head of U.S. equities for Nomura Securities, and Paul Dolan, global head of convertible bonds, the people said. Dolan oversees a global staff of more than 40 convertibles traders and salespeople. Nomura hired O’Kelly, Bank of America Corp.’s head of global equities, in July 2009 to oversee the U.S. equities business.
Nomura hired Mark Edgar of JonesTrading Institutional Services LLC as head of convertibles sales in New York, along with sales traders Chuck Manning, Gildo Niutta and Meredith Curley, also from the same firm, earlier this year. It also hired convertibles traders Joseph Venn of CIBC World Markets and Douglas Finnegan of JonesTrading.
--Editors: Dan Reichl, Philip Lagerkranser
To contact the reporter on this story: Jeff Kearns in New York at jkearns3@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.
