HONG KONG, Dec 24 (Reuters) - Nomura Holdings Inc has wound down its five-member Hong Kong-based financial institutions group (FIG) banking team as part of a wider reorganisation of its investment banking business, sources familiar with the matter said on Monday.
The team, headed by Petter Sternby, was shut last week, though many in the group were prepared for such an outcome, the sources said. Sternby and insurance specialist Peter Goulston were the two managing directors in the team, while the rest were lower-ranking executives, the sources said.
The FIG team focused on advising banks, insurers and fund management companies on mergers and acquisitions, capital raising, and restructuring.
A Nomura spokeswoman in Hong Kong declined to comment on the move, but said: "Nomura's client coverage is aligned by country and product expertise which is a more efficient and sustainable model in the current environment."
The sources declined to be identified as the information was not public. (Reporting by Denny Thomas; Editing by Daniel Magnowski)