Nomura agreed to pay $1.8 billion in cash for three companies that make up Macquarie's public asset management business in the U.S. and Europe. At signing the business had about $180 billion in client assets, and the deal was expected to lift Nomura's investment management assets to about $770 billion. More than 700 Macquarie staff joined Nomura. The deal Nomura agreed on April 22, 2025, to buy all the shares of three Macquarie companies, including Macquarie Management Holdings, the Delaware corporation that runs the U.S. business. The price was subject to closing adjustments. Macquarie put the value at about A$2.8 billion and kept its public investments business in Australia. Nomura announced completion on December 1, 2025. It gave the price as about $1.8 billion, or about 281.4 billion yen. Assets under management at the acquired business were about $166 billion as of October 31, 2025, below the roughly $180 billion cited at signing. Wider partnership The sale came with a broader tie-up. Nomura agreed to become the U.S. wealth distribution partner for Macquarie's alternative investment products and to put up seed capital for alternative funds aimed at U.S. clients. At completion Nomura said it would distribute certain Macquarie private funds to wealthy U.S. investors and family offices. Integration At signing, Nomura said the business's leaders, including Shawn Lytle, John Pickard, Greg Gizzi and Milissa Hutchinson, were expected to stay on. After closing, it combined the acquired business with its existing U.S. unit Nomura Capital Management and its high-yield manager NCRAM into a new entity, Nomura Asset Management International. Lytle became its CEO, and Robert Stark became president and deputy CEO while staying on as CEO of Nomura Capital Management. Early results In the October-December 2025 quarter, in which the deal closed, Nomura's Investment Management division reported net revenue of 60.9 billion yen, up 33% from a year earlier and flat on the prior quarter. Income before taxes was 17.9 billion yen, down 42% from the prior quarter. Nomura did not break out the acquired business's contribution in the figures cited.
