Nomura Holdings Inc. is on a hiring spree to bolster its wealth and fixed income businesses in Asia — key areas for growth at Japan’s biggest securities firm after its latest cost-cutting drive.

The brokerage hired about 20 to 25 private bankers from rivals including Deutsche Bank AG and BNP Paribas SA this year and plans to add similar numbers in each of the next two to three years, said Rig Karkhanis, head of global markets for Asia excluding Japan. It also aims to recruit as many as 40 people for fixed income in the next 18 months, he said.

Chief Executive Officer Kentaro Okuda’s Asia push comes after his predecessor cut hundreds of jobs around the world to shore up profitability outside of Japan.