The newly-appointed figure, based in Dubai, has worked in the financial services sector for more than 30 years, much of these at Standard Chartered.
In a significant move within the wealth management sector, Harish Hemandas, a former senior executive at Standard Chartered, has joined Nomura’s international wealth management business in Dubai. This appointment marks an important development for Nomura as it seeks to strengthen its presence in a region ripe for wealth management opportunities.
Hemandas will take on the role of head of Nomura Singapore Limited (NSL) at its Dubai International Financial Centre (DIFC) branch. This strategic position, as outlined in an internal memo obtained by WealthBriefing, highlights Nomura’s ambition to enhance its offerings in the Middle East and Europe. His leadership in this role will be pivotal, particularly as the firm aims to cater to a discerning clientele.
Pending regulatory approvals, Hemandas is set to serve as both the senior executive officer and head of coverage for the region. Reporting directly to Anurag Mahesh, who oversees coverage for Southeast Asia and the Middle East at Nomura, Hemandas will be integral in shaping the firm’s strategy and execution in these markets.
Prior to joining Nomura, Hemandas accrued over three decades of experience in the financial services industry, predominantly at Standard Chartered, where he held a variety of senior roles. His most recent position involved leading the private banking business across the Middle East and Africa, a testament to his extensive knowledge and experience in managing high-net-worth clients and their unique financial needs.
In his new role, Hemandas is tasked with scaling Nomura’s international wealth management franchise. This involves focusing on high and ultra-high net worth individuals, family offices, external asset managers, and related entities in the Middle East and Europe. His seasoned expertise in relationship management and client acquisition will be essential as he navigates these complex client landscapes.
Interestingly, this appointment comes shortly after the departure of Adil Khan, the previous senior executive officer of Nomura Singapore Ltd’s DIFC branch. This transition may signal a strategic shift within the firm as it looks to adapt to dynamic market conditions and client demands in the region. There has been speculation regarding whether Hemandas’s role is newly created or a direct replacement, a query that remains pending for clarification from Nomura.
In the context of recent expansions, Nomura opened its international wealth management office in Dubai in July 2023. This move underscored the firm’s commitment to tapping into the wealth of opportunities available in the Gulf region. The Dubai International Financial Centre has become a hotspot for financial institutions, and Nomura’s expansion aligns with broader trends of increasing wealth in the area.
Moreover, Nomura has made several strategic appointments lately, including the hiring of Ong Kin Yok as managing director and team head, focusing on market coverage in Singapore and Malaysia earlier this year. These steps reflect Nomura’s strategic vision to enhance its capabilities and address the needs of a growing clientele in Asia and beyond.
