Nomura has hired Bill Tsang from Deutsche Bank PWM in a newly created role as Asia ex-Japan head of products for its wealth management division, AsianInvestor can reveal.

His appointment is seen as a first major step in the Japanese bank’s plan to further expand its wealth management product platform across the region, with further hires on the way.

Tsang, who started at Nomura last month as a managing director based in Hong Kong, talks to clients directly and indirectly through relationship managers to devise investment ideas. He then coordinates with equity and fixed income structuring teams within Nomura’s wholesale division.

He will also provide existing investment solutions to the bank’s high-net-worth clients across the region, including mutual funds supplied by its asset management division.

“Tsang has been hired to build out Nomura’s product platform and will be looking at ways to collaborate with the investment bank,” says a source. “In Japan Nomura has a very large retail securities brokerage and its wealth management division comes under that. Clearly it wants to build out its wealth management products business in Asia outside of Japan.”

In his new role, Tsang reports directly to Koki Miura, senior managing director and head of wealth management and retail for Asia ex-Japan, who is based in Singapore. Miura was unavailable for interview at the time of going to press.

Tsang previously worked as head of investment advisory for North Asia at Deutsche Bank Private Wealth Management based in Hong Kong, where his responsibilities included investment advisory and portfolio counselling as well as managing key client portfolios.

Deutsche confirms that Tsang left at the end of January and has been succeeded internally by Michael Tung, who had been working under Tsang in the investment advisory team.

Tung now reports to Lok Yim, head of Deutsche PWM for North Asia. Tung’s equivalent in Singapore is Hazel Neo, head of investment advisory for Southeast Asia, who reports to Kin Mun Kwong, head of Deutsche PWM for SE Asia.