Who's Moving Where In Wealth Management? – Lloyds, Nomura CM

Editorial Staff

23 April 2025

Lloyds Banking Group
Lloyds North America, part of UK-headquartered Lloyds Banking Group, has appointed former CIBC senior figure Farhad Merali as head of corporate and institutional coverage.

The institutional coverage team in North America includes asset and wealth managers as one of the key coverage areas, a spokesperson for Lloyds told Family Wealth Report when asked about the matter.

Merali is based in New York, working with William Mansfield, CEO and country head – North America, Lisa Francis, managing director, institutional coverage, and Andrew Edwards, managing director, client solutions group.

Formerly at CIBC Capital Markets, Merali has 19 years of experience in origination, structuring, coverage, and advisory across the financial services sector in the US, Canada, and Australia. At CIBC, he was most recently co-head of its US corporate banking division.

Among recent related hires, in December 2024 Lloyds appointed Mitchell Nadel as head of financial markets – North America.

Nomura Capital Management
Nomura Capital Management, a wholly owned subsidiary of Nomura Holding America, has appointed Ashu Pal as head of portfolio management.

Pal, who joined NCM in April, focuses on asset allocation and manager selection within private credit as a senior portfolio manager and team leader. Prior to this, he was senior portfolio manager at the Maryland State Retirement and Pension System, where he led efforts to restructure and manage a $70 billion pension plan into a hybrid investment model, including both public and private credit.

Before the Maryland role, he held senior positions at Citigroup, Nathan Hale Capital, and the Asian Development Bank. He earned an MBA from The University of Chicago Booth School of Business and a master's in economics from North Carolina State University.