Nomura Holdings expands its presence in China through a joint venture with three Chinese firms in the Shanghai free trade zone.

Nomura Holdings, the Japan-based financial services group, has expanded its presence in the Shanghai Pilot Free Trade Zone through a joint venture with three local firms. 

The partnership with Shanghai Lujiazui Financial Holdings, Lujiazui International Trust and Shanghai Jiu You Equity Investment Fund Management, called Shanghai Nomura Lujiazui Investment Management Company, will be a consolidated subsidiary of Nomura, according to a statement. 

It will have RMB30 million in capital ($4.8 million) and will be 60 per cent owned by the Japan firm, 20 per cent owned by Shanghai Lujiazui, and 10 per cent owned each by Lujiazui International and Shanghai Jiu You. 

Shanghai Lujiazui is a financial holding company of a state-owned developer and financial holding firm in Shanghai, Lujiazui International is an affiliate of Shanghai Lujiazui, while Shanghai Jiu You is a fund management company. 

The JV is part of Nomura's moves to enhance its presence in the China onshore market. In 2012, the company hired Wendy Liu from RBS to become the head of China equity research, and in the following year it brought in Stanley Wong to lead the North Asia equity distribution strategy, with a focus on China, Hong Kong, Taiwan and Korea.