Japanese bank Mizuho Financial Group is set to start electronic trading in Asia after snapping up a team of 16 former Lehman Brothers employees, according to a report from Bloomberg.
Citing two executives familiar with the plan, Bloomberg says the new team will be led by Lehman's former head of electronic trading sales in Asia, Anthony Brooker. The team, which started last week, also includes senior trader Nobuo Wazaki.
Brooker and his team will now help Mizuho take on Nomura as it bids to lure e-trading clients like hedge funds. He chose not to join Nomura after it bought bankrupt Lehman operations in Asia Pacific, Europe and the Middle East.
At the time of its acquisition of Lehman's Asia Pacific franchise, Nomura highlighted the fact its new buy was a "strong player" in electronic trading.
Over 100 Lehman staff in Asia have left for firms like Barclays and Merrill Lynch, rather than work for Nomura, says Bloomberg.
Mizuho Said to Hire EX-Lehman Electronic Trading Team - Bloomberg