Nomura's $1.8bn Acquisition of Macquarie's Asset Management Units
- katerinageorgiou5
- May 29
- 5 min read
By Alex Scothorn, Anna Chesca, Ahyaan Malik, Aditya Tatwawadi (University of Cambridge); Gabriel Ferraz Girotto, Eva Schuppe, Gabriela Pérez-Hernández, (IE University)
Photo: Asia Property Awards
Overview of the deal
Acquirer: Nomura
Target: Macquarie Management Holdings
Total Transaction Size: $1.8bn
Implied Equity Value: $1.8bn
Closed Date: H2 2025 (Expected)
Target Advisor: A&O Shearman
Acquirer Advisors: Nomura, White & Case LLP
Nomura has announced a $1.8 billion all-cash acquisition for 100% of Macquarie Group’s U.S and European public asset management units. The acquisition adds $180 billion in AUM across equities, fixed income and multi-asset strategies, expanding Nomura’s investment platform division to $770 billion. The transaction complements Nomura’s global growth and diversification ambitions to invest in stable, high-margin businesses.
Nomura's strategy aims to reduce its reliance on volatile revenue streams from trading and investment banking and to diversify after the group took a $2.9 billion hit from the collapse of Archegos in 2021.
In pursuit of international growth, Nomura’s CEO, Kentaro Okuda, says that upon completion of the deal the investment management business will derive about 60% of its revenues from outside of Japan, compared with 30% today. The deal will also address inflation risks in Japan by encouraging households to transfer wealth from cash and deposits into higher-yielding investments. Currently, Japanese households hold about half of their total $15.4 trillion of financial assets in cash and deposits.
“This acquisition aligns with our global diversification and growth ambitions for 2030, with a focus on investing in stable, high-margin businesses” - Kentaro Okuda, Nomura CEO
Company Details (Acquirer - Nomura)
Nomura is a leading global financial services group headquartered in Tokyo, Japan. It provides a broad range of services including investment banking, asset management, and retail brokerage to clients worldwide. With a strong presence across Asia, Europe, and the Americas, Nomura leverages its deep market expertise and global network to deliver strategic financial solutions.
Founded in 1925, headquartered in Tokyo, Japan
CEO: Kentaro Okuda
Number of employees: 27,000
Market Cap: $16.34bn (09/05/2025)
Enterprise Value (EV): $20.23bn
LTM Revenue: $13.06bn
LTM EBITDA: $2.90bn
LTM EV/Revenue: 1.55x
LTM EV/EBITDA: 6.97x
Recent Transactions: Investment in Teamshares
Company Details (Target - Macquarie Management Holdings)
Macquarie Management Holdings, Inc. is the Philadelphia-based holding company for Macquarie Group’s U.S. public asset management business that was acquired by the firm in 2010 and makes up 90% of the AUM mix being acquired. The company leverages its ~700 employees, high‑margin profile, access to nine of the ten largest U.S. retail platforms, strong institutional and insurance client relationships to manage, and recently launched ETF products to manage ~$180 billion in assets. The remaining 10% of the AUM mix comes from the acquisition of Macquarie Investment Management Holdings in Luxembourg and Austria.
Note: The information outlined below is for Macquarie Group Limited
Founded in 1969, headquartered in Sydney, Australia
CEO: Shemara Wikramanayake
Number of employees: 20,000
Market cap: $58.63bn (as of 29/05/2025)
EV: $207.59bn
LTM Revenue: $4.37bn
LTM EBITDA: $13.22bn
LTM EV/Revenue: 47.75x
LTM EV/EBITDA: 15.80x
Projections and Assumptions
Short-Term Consequences
The markets reacted positively to Nomura’s $1.8 billion acquisition of Macquarie’s U.S. and European asset management business, with modest share price gains for both companies. This reflects investor confidence in Nomura’s strategic expansion into stable, fee-based global asset management. The deal boosts Nomura’s AUM by around 30%, significantly increasing its presence in the U.S. and Europe. While the transaction still awaits regulatory approval, no major obstacles are expected, and the deal is anticipated to close by the end of 2025.
For clients, service continuity has been strongly emphasised. Nomura plans to retain existing fund teams and management structures, ensuring minimal disruption. Furthermore, clients will benefit from expanded product offerings. The partnership between Nomura and Macquarie is expected to enhance access to alternative investments, such as infrastructure, real assets, and private equity, particularly through Macquarie’s global expertise in private markets. Nomura has also committed to becoming a key distribution partner for Macquarie’s alternative funds in the U.S., broadening investment options for both retail and institutional clients. This could lead to greater diversification and more innovative product choices in the near term.
Around 700 employees will transition to Nomura as part of the acquisition. Although integration often brings uncertainty, Nomura has stated that the full leadership team will be retained, and there are no immediate plans for restructuring. This approach is intended to preserve the acquired business’s value while providing a stable platform for future growth. Short-term disruption is expected to be minimal as operations continue under familiar management.
Long-Term Upsides
Nomura’s acquisition of Macquarie’s US and European asset management businesses marks a significant strategic move set to transform Nomura’s global footprint and bolster its crucial investment management division.
A key long-term benefit is the significant boost to Nomura’s AUM, projected to increase from approximately $590 billion to around $770 billion upon completion. Critically, over 35% of this enlarged AUM will be managed for clients outside Japan, a substantial increase directly addressing Nomura’s strategic goal of diversifying its business geographically and reducing its reliance on the domestic market. The acquired business brings approximately $180 billion in AUM, with a balanced mix across equities (50%), fixed income (40%), and multi-asset strategies (10%), providing Nomura with a more diversified product offering.
Furthermore, the acquisition grants Nomura a robust and immediate presence in the US and European markets. The acquired Macquarie business has an established footprint, including presence on nine of the top ten US retail distribution platforms and deep relationships with institutional clients, notably within the growing US insurance sector. This provides Nomura with ready access to a broad client base, facilitating the distribution of both the acquired strategies and Nomura’s existing global product suite. Adding over 700 experienced employees, including key leadership, ensures continuity and brings valuable expertise in active management across various asset classes.
Finally, the deal fosters a strategic collaboration between Nomura and Macquarie, creating potential for future growth synergies. Nomura will become a US wealth distribution partner for Macquarie Asset Management, providing US clients with access to Macquarie’s alternative investment capabilities. Nomura has also committed seed capital for Macquarie’s alternative funds targeted at the US wealth market. This partnership, alongside the acquired capabilities in areas like active ETFs, positions Nomura to accelerate its growth initiatives, develop new investment solutions, and enhance its distribution platform for sustained long-term success in the global asset management industry.
Risks and Uncertainties
Nomura’s recent acquisition of Macquarie’s asset management units is a risk-taking move with the aim of expanding its presence globally. However, there are certain risks and uncertainties that could hinder the hoped long-term success. The first immediate challenge is integration risk as their investment strategies and philosophies, and client relationships might clash, leading to internal friction and a clash in culture between the two companies.
Another major concern is client retention risk. Transitions of this scale can unsettle clients, especially after having built long-standing relationships with investors. This change can put at risk the client's trust in the company, especially if there are big personnel changes that can upset the client or create conflict within the company.
Finally, there are also regulatory and compliance risks. This is particularly relevant to this acquisition as Macquarie operates across multiple jurisdictions, each with its own regulatory frameworks. Nomura’s acquisition will require regulatory approval in Australia, the US and potentially Europe. Any delays caused by regulatory issues can put potential revenue gains at risk and raise the cost of integration.