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Buffett's Favored Analyst Cut by Nomura Before Berkshire Meeting

Image: Buffett's Favored Analyst Cut by Nomura Before Berkshire Meeting

Tuesday, 19 Apr 2016 01:54 PM

Nomura Holdings Inc. cut insurance analyst Cliff Gallant weeks before he was scheduled to ask Warren Buffett questions at Berkshire Hathaway Inc.’s annual meeting.

His departure from Nomura last week was part of a broader overhaul in the Tokyo-based brokerage’s overseas operations, according to two people familiar with the matter who asked not to be identified because the matter is private.

Participating in Berkshire’s all-day annual meeting in Omaha, Nebraska, is a high honor for analysts. The gathering is one of the most well-known events in the investing world. It attracts tens of thousands of attendees, who come to hear Buffett and his longtime business partner Charles Munger, 92, answer questions about business and life.

After years of getting asked about general topics, Buffett, 85, added the panel of three securities analysts in 2012 to help focus the discussion on Berkshire. The group takes turns posing questions to the executives with a panel of journalists and the audience.

Gallant appeared that year and the next. He is scheduled to be on the panel at
the April 30 gathering this year along with Ruane, Cunniff and Goldfarb’s
Jonathan Brandt and Morningstar’s Gregg Warren, according to Buffett’s annual
letter to shareholders in Februrary.

Equity Research

Buffett didn’t immediately respond to a message asking if Gallant will still participate. Gallant didn’t return a message Tuesday. A spokesperson for Nomura declined to comment.

Nomura is largely exiting European equity operations, a move that combined with reductions in North America could affect about 1,000 jobs, people with knowledge of the matter said this month. Nomura will shutter equity research, sales and underwriting for European stocks, according to one of the people. The firm said in a statement that it will close certain businesses in Europe and “rationalize” parts of its operations in the Americas.

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Nomura Holdings Inc. cut insurance analyst Cliff Gallant weeks before he was scheduled to ask Warren Buffett questions at Berkshire Hathaway Inc.'s annual meeting.His departure from Nomura last week was part of a broader overhaul in the Tokyo-based brokerage's overseas...
buffett, berkshire, nomura, analyst
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2016-54-19
Tuesday, 19 Apr 2016 01:54 PM
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