By Nishant Kumar
HONG KONG, Feb 27 (Reuters) - Nomura Holdings Inc has hired former Barclays trader Pradeep Swamy to start a newproprietary trading team in Hong Kong.
The move comes as Wall Street banks retreat from thelucrative proprietary trading business after regulatory changesput in place after 2008 curbed banks from making bets with theirown money.
Swamy, a former Hong Kong-based managing director in theequities division of Barclays Plc, joined Nomura lastweek to lead the new Equity Principal Strategies Group.
Fred Lam, Swamy's former colleague at money manager CheyneCapital, has also joined the team.
A Nomura spokesman confirmed the two appointments.