Nomura Securities, for practical purposes, closed its fixed-income research department when it dismissed its six-member team over the course of several weeks, culminating in the departures of three major securitization researchers last week.

Market sources now say the Japanese investment bank will buy its research, although it is not clear how the bank would source that product. Mark Adelson left Nomura Securities last week, after more than six years with the firm. Adelson was a managing director and spearheaded Nomura's structured finance research efforts. Also departing Nomura recently were fellow researchers James Manzi and Diana Berezina, who had been with the company for seven years and three years, respectively. Both Manzi and Berezina handled an array of asset classes, with particular focus on CMBS and residential MBS.

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