Nomura Capital Management, a wholly owned subsidiary of Nomura Holding America Inc., announced the hiring of Ashu Pal, CFA, as Head of Portfolio Management. Pal joined NCM in April and will focus on asset allocation and manager selection within private credit as a senior portfolio manager and team leader, actively supporting the firm’s ongoing growth initiatives in the Americas.

In this role, Pal will focus on optimizing NCM's existing investment strategies across private credit markets, as well as developing investment products rooted in fundamental credit research strategically designed to meet both intermediary and institutional client needs.

Pal previously served as Senior Portfolio Manager at the Maryland State Retirement and Pension System, where he spearheaded efforts to restructure and manage a $70 billion pension plan into a best-in-class hybrid investment model, including both public and private credit. As a seasoned leader, Pal has a strong track record of managing multibillion-dollar credit portfolios, with experience spanning corporate direct lending, asset based lending, real estate debt, specialty finance, syndicated loans, distressed assets and emerging markets.

Matthew Pallai, Chief Investment Officer of Nomura Capital Management, said: "Ashu’s extensive experience and proven track record in managing complex investment portfolios make him the perfect addition to our team as we continue to expand our footprint and enhance our offerings in the private credit market. His deep understanding of global markets and his research background will be invaluable as we seek to deliver enhanced value to our clients."

Prior to joining the Maryland State Retirement and Pension System, Ashu Pal excelled in high-impact positions at leading financial institutions such as Citigroup, Nathan Hale Capital, and the Asian Development Bank, where he worked to enhance risk management frameworks and investment strategies. He earned an MBA from The University of Chicago Booth School of Business and a Master's in Economics from North Carolina State University.