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Two of Nomura’s equity capital markets bankers in Hong Kong have joined the growing exodus out of the industry.
Thomas Batt, Nomura’s of capital markets and solutions for Asia ex-Japan, has left to become CFO of Paceline in London. Paceline which has just completed a Series A fundraising, describes itself as the “first ever fitness rewards platform that adds financial benefit to your physical activity.”
It’s not known what the financial benefits are to Batt’s own physical move, but he joins an increasing number of senior bankers who are quitting banking for a more entrepreneurial challenge and the prospect of more upside than they can earn in banking. “Banking compensation will never come back to pre-global financial crisis levels. There s greater risk’/reward at a start-up and there will be more departures like this from across the street” said one source in Hong Kong
The modern tools of intergenerational wealth transition are many, and varied. On a family front they include formal legal arrangements to amass, hold and pass on wealth such as wills, family trusts, savings accounts and KiwiSaver for the children, and insurance to protect it. Of those four things, family trusts are the one that many families can do without. On a broader community front, transmitting our wealth to future generations includes locking it in through infrastructure, education, adequate housing, and communal wealth pools – for example, community trusts and iwi organisations. My ancestors can fairly be described as the working class, oppressed, poverty-stricken bottom layer of English society, spiced with a dash of Victorian Irish fleeing the potato famine, and, going further back, French Protestant refugees who went to England to escape religious persecution.