Nomura to acquire Macquarie’s US and European asset management business in $1.8bn global expansion
Nomura announced a $1.8bn all-cash acquisition of Macquarie’s US and European public asset management units, marking its largest international deal since the 2008 purchase of Lehman Brothers’.
The acquisition will add approximately $180bn in assets under management and will grow Nomura’s investment management platform to $770bn. The deal is expected to close by the end of 2025, subject to regulatory approvals.
“This transaction gives us a solid platform in the high-growth US market and significantly accelerates our global ambitions,” said Nomura CEO Kentaro Okuda. Post-transaction, around 60% of Nomura’s investment management revenue will come from outside Japan—up from 30% today.
The move forms part of Okuda’s broader strategy to reduce dependence on volatile investment banking and trading revenues, particularly in the wake of the group’s $2.9bn hit from the Archegos collapse in 2021. It also positions Nomura to capitalise on a shift in Japanese household wealth from deposits into higher-yielding investments.
Macquarie’s exit reflects its growing focus on private markets. The Australian group originally entered the public asset management space via its $428m acquisition of Delaware Investments in 2010, and later expanded with its $1.7bn acquisition of Waddell & Reed in 2021.
“This sharpens the focus of Macquarie’s asset management strategy,” said Citi analyst Thomas Strong, noting recent fee pressure in the business.
Nomura’s earnings have recently improved, though its share price remains down nearly 25% from peak levels earlier this year amid broader volatility in Japan’s financial sector triggered by geopolitical developments and US tariff policy.