Daiwa Capital has announced the appointment of two senior executives to its Korean and Indian businesses.

Jung Insuk has been named head of fixed income in Korea, while Ajay Marwaha is now head of fixed income in India. Insuk steps in from Shinhan Investment Corp, where he was head of fixed income, currency and commodities. Marwaha was most recently an executive director at Nomura in India.

The appointments are in line with Daiwa's expansion strategy in Asia, which it outlined in its four-part core action plan in November 2009. Included in the plan are the upgrading of its Hong Kong office to second headquarter status, the increase in staff numbers, capital boosting, and appointment of local influential figures as advisors. Its expansion is particularly geared toward China and Hong Kong, to be followed by India, South Korea, Taiwan and Singapore.