Daiwa Capital Markets has appointed former Nomura executive director Ajay Marwaha as head of fixed income in India, effective June 14. Marwaha, was responsible for FICC product trading at Nomura,  and was involved in the launch of primary dealer business lines at Lehman Brothers and Citi Group.

Daiwa has also appointed Jung Insuk as head of fixed income in Korea. These appointments are made with the aim of expanding the fixed income business in Korea and India respectively, said the Japanese financial services major.

The Korean and Indian fixed income markets are the second and third largest markets in Asia (excluding Japan), trailing only China. As part of the firm’s business expansion strategy, Daiwa expects to acquire primary dealership and derivative licenses in both markets.

Daiwa had also recently acquired the entire stake of Japan’s Shinsei Bank in Shinsei Asset Management Company (India), that manages Shinsei Mutual Fund (MF).

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