Nomura to Acquire $180B AUM Macquarie Asset Management Business

The $1.8 billion acquisition of its U.S. and European business will see 700 Macquarie staff join Nomura and will open wealth management opportunities in the U.S. for the Japanese bank.

Australian financial services giant Macquarie Group Ltd. will sell its U.S. and European asset management business, with a combined $180 billion in assets under management, to Japanese bank and asset manager the Nomura Group, the two companies announced Tuesday, significantly expanding the Japanese firm’s access to U.S. based clients.

The $1.8 billion all-cash transaction is expected to close at the end of the calendar year, subject to regulatory approval. Macquarie will continue to keep its existing asset management business outside of the U.S. and Europe.

Nomura and Macquarie reported that they will establish a working group to explore potential opportunities for collaboration between the two firms.

Macquarie managed A$916.8 billion ($585.86 billion) in assets, as of September 31, 2024. As of December 31, 2024, Nomura’s investment management division had $584 billion in assets under management. The acquisition will see the firm’s AUM grow to about $770 billion.

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“This transaction will accelerate the expansion of our global Investment Management business and will be a significant step in building a truly global franchise with a comprehensive set of solutions to serve investors worldwide,” said Chris Willcox, chairman of Nomura’s investment management division, in a statement.

The acquisition will also give Nomura a wealth management channel in the U.S. The firm will become a U.S. wealth distribution partner for Macquarie, providing access to Macquarie’s alternative investment offerings, and will seed alternative investment funds for U.S. wealth clients.

Approximately 50% of the AUM of the acquired businesses is managed for retail clients. Insurers make up 35% of clients, and other institutional investors account for 15%, according to a statement from Nomura. AUM for U.S. clients represent 90% of the acquired Macquarie business unit’s assets.

Equities make up 50% of the acquired business’ assets, fixed income 40% and multi-asset 10%.

Macquarie Asset Management staff in Europe and the U.S. will join Nomura, including Shawn Lytle, president of Macquarie Funds and head of the Americas; John Pickard, CIO of equities and multi-asset; Greg Gizzi, CIO of fixed income; and Milissa Hutchinson, head of U.S. wealth distribution.

The asset management business that will be acquired by Nomura has approximately 700 combined employees in the U.S.—in Philadelphia and in Overland Park, Kansas—and in Europe—in Vienna and Luxembourg.

“[The acquisition] will be transformational for our investment management division’s presence outside of Japan, adding significant scale in the U.S., strengthening our platform, and providing opportunities to build our public and private capabilities,” said Kentaro Okuda, Nomura’s president and CEO, in a statement. “We are delighted with the prospect of welcoming all 700-plus employees that will be joining the Nomura Group.”