Nomura Holdings has agreed to acquire Macquarie Group's U.S. and European public asset management business for $1.8 billion in an all-cash transaction. This marks the Japanese firm's most significant overseas acquisition since purchasing Lehman Brothers' assets during the 2008 financial crisis.

Nomura's $1.8 Billion Macquarie Deal Forms $770 Billion Asset Unit

The deal, announced today (Tuesday), will add approximately $180 billion in client assets to Nomura's portfolio. It will increase its total assets under management to around $770 billion. Upon completion, more than 35% of Nomura's managed assets will be on behalf of clients outside Japan, up from its current international footprint.

“This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high-margin businesses,” said Kentaro Okuda, Nomura's President and Group CEO. “It will be transformational for our Investment Management Division's presence outside of Japan, adding significant scale in the U.S.”

The transaction involves Nomura purchasing three Macquarie companies based in Delaware, Luxembourg, and Austria. The Philadelphia-headquartered business employs over 700 people and will continue to be led by its current management team, including Shawn Lytle, President of Macquarie Funds and Head of Americas for Macquarie Group.

Diversification Strategy

For Nomura, Japan's largest brokerage, the move represents a strategic pivot toward more stable income streams and reduced reliance on volatile trading and investment banking revenue. The firm has identified global asset management as a key growth priority as it seeks to capitalize on Japanese individuals' increasing appetite to invest their estimated $15.8 trillion in financial assets.

The acquired business brings established distribution networks in both retail and institutional segments, with a presence on nine of the top ten retail distribution platforms in the U.S. About half of its clients are retail investors, while approximately 35% are insurers.

“This transaction will accelerate the expansion of our global Investment Management business and will be a significant step in building a truly global franchise,” said Chris Willcox, Nomura's Chairman of the Investment Management Division.

The deal is expected to close by the end of 2025, subject to regulatory approvals and customary closing conditions. Nomura indicated that the financial impact of the acquisition would be “minimal” on its consolidated results.

Strategic Refocus for Macquarie

For Australia-based Macquarie, the divestiture aligns with its strategy to concentrate on private markets. The firm will retain its public investments business in Australia, where it will continue to operate a full-service asset management business across public and private markets.

“We are proud of the public investments business we have built and grown over many decades,” said Ben Way, Head of Macquarie Asset Management. “This transaction will allow MAM to build on our leading global position in private markets, and our leading position in Australian public markets.”

As part of the agreement, the two firms will collaborate on product and distribution opportunities. Nomura will serve as a U.S. wealth distribution partner for Macquarie Asset Management, ensuring continued access for U.S. wealth clients to Macquarie's alternative investment capabilities. Additionally, Nomura has committed to providing seed capital for Macquarie's alternative funds tailored for U.S. wealth clients.

The deal builds on the companies' recent collaboration in launching the Nomura Macquarie Private Infrastructure Fund in Japan earlier this year.

Historic Context

This acquisition represents Nomura's most significant overseas expansion since it purchased Lehman Brothers' Asian and European operations during the 2008 financial crisis. That earlier move, while ambitious, led to integration challenges and inconsistent profitability in the years that followed.

More recently, Nomura has shown improved financial performance, with profit more than doubling to ¥268.8 billion ($1.9 billion) in the nine months ended December 2024, driven by stronger trading and dealmaking activity. The company's overseas operations have been profitable in each quarter of the current fiscal year.

The transaction comes amid market volatility following recent global trade tensions. Nomura's stock has declined approximately 26% from a 16-year high reached in February 2025.