Global financial services firm Nomura, headquartered in Tokyo, announced that its acquisition of Macquarie’s public asset management businesses in the United States and Europe would significantly enhance its global investment management footprint, with Luxembourg set to play a central role. The transaction, on 22 April 2025, includes the full acquisition of Macquarie Investment Management Holdings (Luxembourg) Sarl as part of a $1.8bn all-cash deal.
As part of the agreement, Nomura stated it would acquire 100% of the shares in three Macquarie subsidiaries: Macquarie Management Holdings, Inc (based in Delaware), Macquarie Investment Management Holdings (Luxembourg), and Macquarie Investment Management Holdings (Austria). The Luxembourg-based firm plays a key role in Macquarie’s European asset management operations and was specifically included in Nomura’s targeted purchase of Macquarie’s public asset management businesses.
Nomura mentioned that the acquisition would add approximately $180bn in retail and institutional client assets across equities, fixed income and multi-asset strategies. Once completed, the transaction is expected to raise Nomura’s total assets under management to approximately $770bn. The company stated that over 35% of this total would then be managed for clients based outside Japan.
Focus on global growth
Nomura identified global asset management as a key strategic growth priority and stated that the acquisition aligns with its 2030 ambitions for global diversification. The firm highlighted that the deal would enhance its investment management division, which currently manages around $590bn in client assets. The new assets, spread across multiple geographies, are set to increase the scale and diversity of its offerings.
The Luxembourg entity’s inclusion further supports Nomura’s expansion into continental Europe, where it aims to increase its presence in both institutional and retail asset management segments. Although the acquired businesses are headquartered in Philadelphia, their operational reach spans multiple regions, including Luxembourg, which Nomura considered important for building a stronger European platform.
Nomura stated that the acquisition would be conducted through a 100% stock purchase of the three Macquarie companies for an all-cash consideration of $1.8bn. This figure is subject to closing adjustments. The transaction is expected to close by the end of 2025, pending regulatory approvals and other customary conditions.
Nomura clarified that certain subsidiaries, assets and liabilities under the target companies that do not fall under the scope of the public asset management business would be excluded from the deal.
Kentaro Okuda, Nomura CEO, said the acquisition aligns with its 2030 growth strategy, enhancing its US presence and integrating over 700 employees, in a press statement on Tuesday 22 April 2025. Photo: Nomura
“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 US, 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.”
Management continuity and operational independence
Nomura confirmed that the current management team would remain in place following the acquisition. A representative of Macquarie told Paperjam that the firm operates two distinct entities in Luxembourg, one Macquarie Asset Management Real Assets, its private markets business, and the other Macquarie Investment Management, its public investments business. The latter is the entity being acquired by Nomura.
, managing director and head of the Luxembourg office at Macquarie Asset Management Real Assets since December 2008, is expected to continue in her current role. The firm also confirmed that the businesses will operate separately and independently until the transaction is finalised.
Nomura mentioned that the financial impact of the acquisition on its consolidated results was expected to be minimal. However, it confirmed that it would provide disclosure should any material developments arise.