Japan's largest investment bank, Nomura Holdings, is acquiring the US and European public asset management business of Macquarie, the Australian multinational financial services firm, in an all-cash purchase worth $1.8 billion.
The deal, which it says is its largest acquisition ever, is seen as the most significant overseas expansion since its takeover of Lehman Brothers' assets in 2008 during the sub-prime mortgage crisis—though it later had to write off those assets.
The latest deal will provide Nomura with about $180 billion in client assets across equities, fixed income, and multi-asset strategies, it said in a statement on Tuesday.
The acquisition will also boost its Investment Management Division’s assets under management from the current $590 billion to around $770 billion, with over 35% managed for clients outside Japan. The deal gives Nomura a major US hub in Philadelphia and strengthens its retail and institutional distribution, especially within top US platforms and the insurance sector, the Japanese firm said.
The acquired business, rooted in Delaware Investments (est. 1929), is led by Shawn Lytle and his team, who will remain post-acquisition. Nomura plans to expand investment capabilities, scale the active ETF platform launched in 2023, invest in talent and analytics, and offer broader access to its global asset management products.
"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.
As part of the transaction, Australia’s Macquarie Group has agreed to collaborate on product and distribution opportunities with Nomura, including the latter being a US wealth distribution partner for Macquarie Asset Management and providing continued access for US wealth clients to Macquarie Asset Management's alternative investment capabilities.
Additionally, Nomura has committed to providing seed capital for a range of Macquarie Asset Management's alternative funds tailored for US wealth clients.
Nomura's Past Global Expansions
Nomura has faced setbacks in its global expansion before, notably struggling after acquiring Lehman's Asia and Europe units and taking a $3 billion hit from the Archegos collapse in 2021. Past investments include Greentech Capital (2019) and a $1 billion+ stake in American Century Investments (2016).
Its renewed global push—focused on the US-heavy Macquarie unit—comes amid market volatility from trade tensions. Still, Nomura’s recent earnings have improved, with profits more than doubling to $1.9 billion in the nine months to December, and overseas units remaining profitable throughout the fiscal year.
