Akewatari Norikazu (明渡則和), formerly of Nomura, is set to become the first president and CEO of the joint venture between SMBC Nikko Securities, a subsidiary of Sumitomo Mitsui Financial Group, and US-based Jefferies, with an announcement expected soon.
Sumitomo Mitsui Financial Group has decided to appoint Akewatari Norikazu (明渡則和), a senior executive managing director at SMBC Nikko, as president and CEO of the joint venture to be established by SMBC Nikko Securities and Jefferies Financial Group under the SMFG umbrella. People familiar with the matter said that the formal announcement of the decision had not yet been made.
The appointment is expected to involve leading the integration of the Japanese equities business. According to people familiar with the matter, Akewatari is expected to drive the joint venture’s strategy based on his internal standing and practical experience at Nikko Securities.
SMBC Nikko’s public relations department commented that “there is no fact of a decision,” and the final decision remains subject to a future announcement. No formal announcement has currently been confirmed that reconciles the account from people familiar with the matter with the public relations comment.
Further details of the joint venture’s executive appointment and the integration structure for the Japanese equities business are expected to emerge in subsequent reports, with investors watching the timing of the formal announcement and the development of the organizational structure.