Nomura Makes Strategic Leap with $1.8 Billion Acquisition of Macquarie’s U.S. and European Asset Management Units

In a major move to bolster its global presence, Japan’s largest investment bank, Nomura Holdings Inc., has announced its biggest-ever acquisition — a $1.8 billion all-cash deal to acquire the U.S. and European public asset management businesses of Australia’s Macquarie Group.

The agreement, disclosed on Tuesday, positions Nomura to take over management of Macquarie’s public market assets in the U.S. and Europe, including key operating platforms, investment teams, and existing leadership. The deal is scheduled to close by the end of 2025, pending regulatory approval.

A Turning Point for Nomura’s Global Ambitions

The acquisition marks a pivotal chapter in Nomura’s international growth strategy, following earlier efforts that yielded mixed results. The firm’s 2008 purchase of assets from the failed Lehman Brothers became a cautionary tale of premature global expansion. However, recent investments—such as its 41% stake in American Century Investments and the 2019 purchase of Greentech Capital Advisors—signal a more calculated and long-term approach.

“The global investment landscape is volatile, but this acquisition strengthens our foundation for sustainable growth,” said Kentaro Okuda, CEO of Nomura.
“We conducted extensive due diligence and believe this move aligns with our mid- and long-term plans for a robust investment management platform.”

Following the transaction, Nomura’s assets under management (AUM) are expected to surge from approximately $590 billion to $770 billion, reinforcing its status as a leading player in global asset management.

A Shift for Macquarie: Refocusing on Core Markets

While Nomura expands its global footprint, Macquarie Group Ltd. is recalibrating its strategy by retaining its domestic public investment operations in Australia. The Sydney-based bank confirmed that it will continue to build on its presence in both public and private markets in its home territory, while exiting select segments of the North American market.

The transaction will also establish a long-term product and distribution partnership between the two institutions, underscoring a strategic rather than competitive shift.

“This deal allows us to sharpen our focus on private markets and our domestic strengths in Australia,” said a Macquarie spokesperson.

Macquarie’s reorientation follows recent reports of the company winding down its U.S. debt capital markets operations, instead prioritizing private credit, where it has already deployed more than A$22.5 billion.

Asset Management as a Core Growth Engine

With domestic opportunities narrowing due to Japan’s aging population and slow economic growth, Japanese financial institutions like Nomura are turning toward fee-based, stable revenue models. Asset management, in particular, is seen as a high-potential segment that offers resilience against market volatility.

Nomura executives noted that the current climate — including global economic shifts and tariff changes under the U.S. administration — presents new opportunities for active investment strategies across international markets.

“In times of macroeconomic turbulence, we see rising demand for differentiated investment platforms,” said Yoshihiro Namura, Head of Investment Management at Nomura.

Market Reaction

Investor sentiment was largely positive. Nomura shares rose 0.6% in Tokyo trading, while Macquarie shares climbed by 1.5% on the Australian exchange. The Nikkei index remained mostly flat.

Financial analysts welcomed the move as both strategic and timely.

“Nomura’s acquisition is a clear signal of its long-term commitment to diversifying its earnings profile,” said a Tokyo-based investment strategist.
“At the same time, Macquarie is playing to its strengths by narrowing its focus and enhancing efficiency.”

Looking Ahead

The deal, once finalized, will reshape the asset management landscape across both sides of the Pacific. With Macquarie focusing inward and Nomura expanding outward, both firms are recalibrating in ways that reflect the global financial industry’s evolving dynamics.

The transaction is expected to close by Q4 2025, with operations transitioning smoothly under existing leadership structures.