Japan’s Nomura has hired Deutsche Bank’s former head of investment products for North Asia, as the first step in a strategic expansion in its wealth management business.

Bill Tsang started on 1 Feb, confirmed a Singapore-based spokesperson for the bank.

Tsang will be based in Hong Kong and reports to Singapore-based Koki Miura, head of wealth management and retail at Nomura for the same region, the spokesperson said. 

His position at Nomura is a new one created as part of a drive to ramp up its wealth management products business, said a source close to the situation. 

Michael Tung was promoted internally to replace Tsang in January, as the Hong Kong-based head of investment advisory for North Asia at Deutsche Bank. He previously worked on the same team as Tsang.