Blurring the boundaries

For the past year Nomura has been growing its equity derivatives business and it is now firing on all cylinders, according to its head, Joachim Willnow. The idea is to blur the boundaries between traditional investment banking and asset management approaches. But will the strategy work? By Paul Lyon

When Structured Products launched in October 2004 Nomura was the talk of the City. The Japanese bank had hired Joachim Willnow from well-established rivals Merrill Lynch, and Willnow proceeded to lure over his former colleagues, and other talent, promising them the excitement of starting an equity derivatives business from scratch. Now the team is fully staffed at around 50, and Willnow, who oversees the global operation from London, says the bank is ready to prove that it has something unique