New York-based hedge fund Alphadyne Asset Management has hired former Nomura rates trader William Johnson, who left the Japanese bank last year after a 16-year tenure, to its team in London, according to a report by eFinancial careers.

Johnson’s move is part of a broader wave of departures from Nomura’s rates desk, which saw significant staff turnover in 2025. Other recent exits include Kilian Frensch, former head of European rates swap trading at Nomura, who joined UBS to help rebuild its team.

Nomura may look to replenish its rates team this year, with industry speculation pointing to potential hires from ANZ. However, concerns over the impact of the Middle East conflict on year-end profits have raised uncertainty around this year’s bonus pool. Nomura’s fiscal year ends later this month, with bonus announcements typically coming in May, allowing the bank flexibility to adjust payouts in line with market conditions.