Japan-based financial services group Nomura has announced a definitive agreement to acquire Macquarie Asset Management’s US and European public asset management operations for $1.8bn.
Macquarie Asset Management is the asset management unit of Macquarie Group.
The acquisition encompasses assets valued at approximately $180bn, covering equities, fixed income, and multi-asset strategies.
Nomura will take full ownership of three companies, which include Macquarie Management in Delaware, Macquarie Investment Management Holdings (Luxembourg), and Macquarie Investment Management Holdings (Austria).
This acquisition is part of Nomura’s strategic plan to strengthen its global asset management footprint.
The deal is expected to enhance the capabilities and reach of Nomura’s investment management division, increasing its assets under management from $590bn to an estimated $770bn.
A significant portion of these assets, over 35%, will be managed for clients outside Japan. The acquisition will also establish a new hub in Philadelphia to further international business development.
The business brings established distribution networks across retail and institutional markets. It is said to hold a presence on nine of the top 10 retail distribution platforms in the US and maintains robust institutional relationships, particularly within the US insurance sector.
The business originated from Delaware Investments, founded in 1929, and acquired by Macquarie in 2010.
The current management team, led by Shawn Lytle, Greg Gizzi, John Pickard, and Milissa Hutchinson, will continue post-acquisition.
Nomura aims to implement growth strategies, including developing new investment capabilities, expanding the active exchange-traded fund (ETF) platform, enhancing talent and data analytics, and using existing distribution channels.
Nomura president and group CEO Kentaro Okuda said: “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 US, strengthening our platform, and providing opportunities to build our public and private capabilities.
Macquarie’s business manages a range of active ETF strategies in the US, supported by a team of over 700 employees from its Philadelphia headquarters. In conjunction with this acquisition, Nomura and Macquarie will explore collaborative product and distribution opportunities.
Macquarie Asset Management will retain its public investments business in Australia, maintaining a full-service asset management operation across public and private markets for institutions, governments, and individual investors.
Following the transaction, Macquarie will concentrate on its global private markets alternatives business, focusing on institutional, insurance, and wealth sectors, with a comprehensive asset management presence in Australia.
Macquarie Asset Management head Ben Way said: “We are pleased that Nomura will carry it forward into a new phase of growth in North America and Europe. We are also excited to further strengthen our collaboration with Nomura, creating benefits for our respective clients.”
The transaction, which is conditional on regulatory approvals and customary closing conditions, is anticipated to be finalised by the end of the year.
