Mergers & Acquisitions / Joint Ventures

Daiwa to sell synthetic prime business to Bank of Nova Scotia


Daiwa Securities is to sell its synthetic prime brokerage arm to Bank of Nova Scotia for an undisclosed sum, as part of a restructuring of the Japanese firm’s overseas operations. The brokerage sale is intended to reduce risk and free up liquidity for other operations.

The brokerage unit has around 40 staff and most are based in London, though it also has desks in Hong Kong and New York. The sale accounts for around 30 of the 300 jobs that Daiwa intends to cut overseas as part of a restructuring which was announced last month following the firm’s