Nomura Holdings Inc. has announced a significant strategic move by agreeing to purchase Macquarie Group Ltd.’s US and European public asset management business for $1.8 billion. This landmark deal, revealed on April 22, 2025, marks Nomura's most substantial overseas acquisition since it acquired assets from Lehman Brothers in 2008.
The acquisition involves approximately $180 billion in retail and institutional client assets across various investment strategies, including equities, fixed income, and multi-asset approaches. Nomura will acquire 100% of the stock of three companies: Macquarie Management Holdings, Inc., which oversees the public asset management business in the US, and two additional entities based in Luxembourg and Austria.
Kentaro Okuda, Nomura's president and group CEO, expressed enthusiasm about the acquisition, stating, "This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses." He emphasized that the deal would significantly enhance Nomura’s investment management division, which currently manages around $590 billion in client assets.
Upon completion of the acquisition, Nomura’s total assets under management are expected to surge to approximately $770 billion, with over 35% of these assets managed on behalf of clients outside Japan. This expansion is anticipated to provide Nomura with a robust hub located in Philadelphia, enhancing its international investment management business.
Okuda further highlighted the transformational nature of this acquisition, stating, "It will be transformational for our investment management division’s presence outside of Japan, adding significant scale in the US, strengthening our platform, and providing opportunities to build our public and private capabilities." The deal is expected to close by the end of 2025, subject to customary closing adjustments.
The Macquarie US business is currently led by Shawn Lytle, who serves as president of the Macquarie funds and head of Americas for Macquarie Group. Following the acquisition, Lytle will continue to manage the business alongside key executives John Pickard, Greg Gizzi, and Milissa Hutchinson. All 700-plus employees from the acquired businesses will join the Nomura Group.
In addition to the acquisition, Nomura and Macquarie have agreed to collaborate on product and distribution initiatives. Nomura will act as a US wealth distribution partner for Macquarie Asset Management, ensuring continued access for US wealth clients to Macquarie's alternative investment capabilities.
Nomura plans to implement several initiatives post-acquisition to support organic growth and diversification of the business’s capabilities. These initiatives include developing new investment capabilities tailored to client needs, scaling the active ETF platform established by the business in mid-2023, investing in talent and data analytics to enhance the distribution platform, and leveraging existing distribution channels to provide retail and institutional clients with access to a broader array of Nomura asset management capabilities.
The announcement of this acquisition has had a positive impact on Macquarie's stock, with shares rising 1.9% to $183.31 by 4:30 PM AEST on the day of the announcement. However, Macquarie shares have experienced a decline of over 15% since the beginning of the year.
UBS analyst John Storey commented on the deal's implications for Macquarie, noting that the impact on the company's earnings is expected to be minimal, around 2%, and will be recognized in the fourth quarter of fiscal 2026. Storey remarked, "Today's announcement highlights the challenges which active managers are facing, as the industry continues to consolidate. Strategically, we think this transaction makes sense, given the business has operationally struggled but is disappointing given the time and resources committed to building out this business."
As part of the transaction, Macquarie will retain its public investments business in Australia, where it will continue to operate a full-service asset management business across both public and private markets. This strategic focus will allow Macquarie Asset Management (MAM) to become a more concentrated and leading global player in private market alternatives.
Ben Way, head of MAM, expressed optimism about the future of the business, stating, "We are pleased that Nomura will carry it forward into a new phase of growth in North America and Europe. We are also excited to further strengthen our collaboration with Nomura, creating benefits for our respective clients."
This acquisition not only represents a significant step for Nomura in expanding its global footprint but also reflects broader trends in the asset management industry, where consolidation has become increasingly common as firms seek to enhance their operational scale and capabilities in a competitive market.
