Nomura Makes Strategic Push into U.S. and European Asset Management with $1.8 Billion Macquarie Deal
22 APR, 2025
By Jose Luis Palmer from RankiaPro Europe
Nomura has announced a major expansion of its global investment management business with the acquisition of Macquarie’s U.S. and European public asset management operations for $1.8 billion in cash. The deal, which includes approximately $180 billion in assets under management (AUM) across equity, fixed income, and multi-asset strategies, is expected to close by the end of the year, pending regulatory approvals.
The transaction involves the 100% acquisition of three Macquarie subsidiaries based in the U.S., Luxembourg, and Austria. With this move, Nomura’s total AUM will rise to around $770 billion, with over 35% of client assets coming from outside Japan. The acquisition represents a pivotal step in Nomura’s 2030 strategy to diversify and grow its presence in stable, high-margin businesses.
Strategic advantages: scale, distribution, and talent
The acquired business, originally Delaware Investments (established in 1929 and acquired by Macquarie in 2010), brings with it a robust distribution network—including a presence on nine of the top ten U.S. retail platforms and deep institutional relationships, particularly in the insurance sector. This addition positions Nomura for accelerated growth across both retail and institutional segments in North America and Europe.
Led by Shawn Lytle and a seasoned executive team including John Pickard, Greg Gizzi, and Milissa Hutchinson, the leadership will remain in place post-acquisition. Nomura plans to support this team in scaling the business through several initiatives: expanding investment capabilities, growing its active ETF platform launched in 2023, investing in talent and analytics, and integrating Nomura’s global asset management products into existing distribution channels.
This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses.
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.
Kentaro Okuda, Nomura President and Group CEO.
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.
Chris Willcox, Nomura's Chairman of the Investment Management Division.
Future collaboration and growth prospects
Beyond the acquisition, Nomura and Macquarie will collaborate on product development and distribution. Nomura will become a U.S. wealth distribution partner for Macquarie Asset Management, while providing seed capital for alternative strategies tailored to U.S. clients. A joint working group will explore further synergies between the two firms.
The move reinforces Nomura’s ambition to build a comprehensive, truly global asset management franchise, offering a broad set of investment solutions to clients worldwide. With over 700 employees set to join Nomura, the deal marks one of the most significant steps yet in the Japanese firm’s evolution as a global investment powerhouse.
