Nomura, a Japanese investment bank, has announced its acquisition of Macquarie Group’s U.S. and European public asset management businesses for $1.8 billion. This deal marks Nomura’s most significant expansion abroad since its unsuccessful purchase of Lehman Brothers’ assets. The acquisition includes the management of publicly traded assets, the investment teams, operating platforms, and the existing management team.
The decision to acquire Macquarie’s assets comes at a time when Japanese companies are seeking growth opportunities overseas due to a shrinking domestic market. Asset management has become a key area of growth for Japanese financial institutions as they aim to secure stable fee-based revenue that is less affected by market fluctuations.
Nomura’s CEO, Kentaro Okuda, emphasized the importance of having a robust investment management platform in the current volatile market environment. The deal is expected to close by the end of 2025 and will be settled entirely in cash, with no financing directly related to the transaction planned.
Upon completion of the deal, Nomura’s total assets under management within its investment management franchise are projected to increase to around $770 billion from approximately $590 billion currently. Previous investments by Nomura include acquiring boutique investment bank Greentech Capital Advisors in 2019 and obtaining a 41% stake in investment management firm American Century Investments for over $1 billion in 2016.
The announcement of tariffs by U.S. President Donald Trump may lead to a rebalancing of sectors, providing opportunities for active investment managers, according to Nomura’s head of investment management, Yoshihiro Namura. Nomura’s shares rose by 0.6% on the day of the announcement, while Macquarie Group’s shares increased by around 1.5%.
Macquarie Group, Australia’s largest investment bank by assets, will retain its public investments business in the domestic market. As part of the deal with Nomura, Macquarie will collaborate on product and distribution. The Australian financial conglomerate has been strategically reshaping its North American operations, including withdrawing from several debt market segments and closing its U.S. debt capital markets division.
Overall, the transaction allows Macquarie Asset Management to focus on its competitive strengths in private markets and its home market of Australia. The deal signifies Nomura’s commitment to expanding its presence in the global asset management industry and solidifying its position as a key player in the financial market.
