Nomura Holdings has hired former JP Morgan Asset Management chief, Christopher Willcox, as its new CEO and President.

The company said in a press release Tuesday that Willcox will officially come on board on May 3, 2021.

The Japanese financial services company said it has appointed Willcox as its new co-CEO and the president of Nomura Securities International. Willcox will also be the Senior Managing Director of Nomura Holding America.

Nomura said Willcox's considerable leadership experience and expertise on both the buy- and sell-side of the market will be instrumental in its plan to further develop the American side of its business. The press release also outlined Willcox's experience in fixed-income markets, investment banking and foreign exchange markets across Europe, Asia and North America.

 "We are excited to welcome Chris to Nomura's leadership team in the Americas. Chris' hiring is part of our continued commitment to grow and strengthen our capabilities in the Americas. Chris will play a key role as we continue our strategy of taking Nomura to the next level in delivering sustainable growth while remaining committed to our mission to enrich society through our expertise in the capital markets," Nomura's President and Group CEO, Kentaro Okuda, said.

During his time as the CEO of JP Morgan Asset Management, Willcox' was in charge of roughly $2 trillion in assets under management across different asset classes. He oversaw transactions in both public and private markets. Willcox also headed JP Morgan's Global Fixed Income and Liquidity department.

In a separate statement, Willcox said he was proud to join the company. He said he had already worked with Nomura in various capacities in the past and he is looking forward to being a member of the group. Willcox said his goal is to further develop the company's American business and to "deliver excellence" to its global clients.

Willcox's appointment comes as Nomura continues to struggle with losses incurred following a fire sale of stocks by major U.S. investors related to the collapse of Archegos Capital Management.

Last month, Nomura's shares fell by more than 16%, its largest single-day drop, after it reported significant losses caused by the fund's collapse.  Credit Suisse's stock also took a steep tumble of about 13%, its largest fall since March 2020.