Nomura Holdings, Japan’s largest investment bank, has agreed to acquire the U.S. and European public asset management operations of Australia’s Macquarie Group for $1.8 billion, in a strategic move to expand its global footprint and strengthen its fee-based business. The deal is expected to close by the end of 2025, pending regulatory approvals.
The acquisition covers three of Macquarie’s asset management units with a combined $180 billion in assets under management (AUM). Following the transaction, Nomura’s total AUM will grow from $590 billion to approximately $770 billion. Notably, the share of assets managed for clients outside Japan will increase to more than 35%, signaling Nomura’s shift toward global diversification. About 700 Macquarie staff, primarily based in Philadelphia, will transfer to Nomura as part of the deal.
Nomura CEO Kentaro Okuda said the acquisition fits into the bank’s broader strategy to reduce reliance on its home market and invest in steady revenue-generating businesses. “Asset management is a core pillar of our business strategy, and this transaction is a significant step toward building a world-class, globally diversified platform,” Okuda was quoted in Reuters on April 21, 2025 (Reuters).
The move comes as Japanese financial institutions increasingly look abroad to counteract stagnant growth at home. Nomura, which has made limited international deals since its acquisition of Lehman Brothers’ Asian operations in 2008, sees this transaction as a landmark in reshaping its international asset management profile.
On Macquarie’s side, the divestiture aligns with its strategy to concentrate more heavily on private markets and alternative investments. Ben Way, Group Head of Macquarie Asset Management, said the sale would “further sharpen our focus on our core capabilities and clients,” in a statement reported by Financial News London (FN London).
Market reaction to the deal was cautiously optimistic. Shares of Nomura rose 0.6%, while Macquarie’s gained 1.5%, suggesting investor confidence in the strategic rationale for both parties.
This transaction represents a pivotal shift in Nomura’s global ambitions, reinforcing its commitment to building a broader, more balanced financial services portfolio amid an evolving international landscape.
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