Nomura to Acquire Macquarie's US and European Asset Management Business for $1.8 Billion

Japanese financial services group Nomura has announced plans to purchase Macquarie's public asset management operations in the US and Europe for $1.8 billion in an all-cash transaction, significantly expanding its global investment management footprint.

 

The deal, announced on Monday, will see Nomura acquire three Macquarie companies that collectively manage approximately $180 billion in retail and institutional client assets across equities, fixed income and multi-asset strategies.

 

The acquisition represents a major strategic move for Nomura, which has identified global asset management as a key growth priority. Upon completion, Nomura's total assets under management are expected to increase from $590 billion to around $770 billion, with more than 35% being managed for clients outside Japan.

 

The transaction will provide Nomura with a substantial presence in the US market, including a Philadelphia-based headquarters for its international investment management business.

 

"This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses," said Kentaro Okuda, Nomura President and Group CEO. "It 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. We are delighted with the prospect of welcoming all 700-plus employees that will be joining the Nomura Group."

 

The business being acquired has origins dating back to 1929 when Delaware Investments was established. Macquarie purchased Delaware Investments in 2010 and later expanded its US presence with the acquisition of Waddell & Reed in 2021.

 

Chris Willcox, Chairman of the Investment Management Division, Nomura

 

Chris Willcox, Nomura's Chairman of the Investment Management Division, described the acquisition as "a significant step in building a truly global franchise with a comprehensive set of solutions to serve investors worldwide."

 

Shawn Lytle, President of Macquarie Funds and Head of Americas for Macquarie Group

 

Nomura will retain the current management team led by Shawn Lytle, President of Macquarie Funds and Head of Americas for Macquarie Group. The team includes John Pickard (CIO Equities & Multi-Asset), Greg Gizzi (CIO Fixed Income), and Milissa Hutchinson (Head of US Wealth).

 

Following the acquisition, Nomura plans several initiatives to support organic growth, including developing new investment capabilities, scaling the active ETF platform established by the business in mid-2023, investing in talent and data analytics, and leveraging existing distribution channels.

 

The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to be completed by the end of 2025.

 

As part of the agreement, Nomura and Macquarie have committed to continued collaboration on product and distribution opportunities. This includes Nomura becoming a US wealth distribution partner for Macquarie Asset Management and providing continued access for US wealth clients to Macquarie's alternative investment capabilities.

 

The business being acquired has a presence on nine of the top ten retail distribution platforms in the US and strong institutional relationships, particularly within the US insurance sector. Its asset mix is approximately 50% equities, 40% fixed income, and 10% multi-asset strategies, with 90% of assets coming from US clients.

Nomura Securities International, Inc. is serving as financial advisor to Nomura for the transaction, with White & Case LLP providing legal counsel.