Singapore Exchange Ltd.’s global head of equity capital markets is departing as the bourse merges the unit with its debt capital markets and corporate client coverage divisions.
Mohamed Nasser Ismail, who has worked at the exchange for the past 18 years, will leave at the end of October for other opportunities, the exchange said, in response to queries from Bloomberg News. The merged capital markets unit will be led by Koh Jin Hoe, currently executive director for global sales and origination, and Matthew Song, head of corporate and institutional client coverage, according to the bourse.
“This allows us to provide more holistic coverage of our clients across products, sectors and fundraising cycles from pre- to post-listing,” the statement said. “Combining these teams also allows us to put more focus on direct engagement with investors.”
The Singapore exchange has been taking various measures to boost liquidity in the country’s struggling stock market such as listing special purpose acquisition companies, launching a government-wide initiative to invest in regional firms and targeting secondary listings including those from China. The latest move comes as SGX Group positions itself as a multi-asset exchange, with the revenue share of its fixed income, currencies and commodities unit growing steadily in recent years.
Ismail joined SGX as head of enforcement in 2005, later taking on the role of head of equity capital market for small- and medium-sized enterprises and head of capital market development before assuming his latest role. More recently, he oversaw secondary listings for Chinese electric-vehicle maker Nio Inc. and Emperador Inc., the world’s largest maker of brandy, in Singapore. The exchange had 639 listed securities as of July.
Meanwhile, Song joined SGX in 2018 and has worked on bond listings in addition to leading teams that cover corporate and buy-side clients. Koh worked at the Singapore Economic Development Board for 25 years and was senior vice president, Asia Pacific and Greater China, at the firm before he joined SGX in 2022, according to his LinkedIn profile.
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In its 2023 fiscal year, the exchange earned $30.9 million and $5.1 million in revenue from equity and bond listings respectively, according to its latest earnings release.
SGX has also been growing its overseas sales coverage, the statement said. It recently appointed William Gulya as head of Americas. In Singapore, Lily Chia has been named head of equities & FICC sales, while Brenna Koh and Kenny Groth are now co-heads of global commodities sales, according to the bourse.
“When market confidence returns, we will see more listings as demand for growth capital and liquidity surges after a tentative period,” said Pol de Win, SGX’s head of global sales and origination. “We see growing momentum in our international business opportunities and are strengthening our global sales coverage.”
