Nomura has agreed to acquire three companies from Macquarie in a 100% stock purchase transaction:
• Macquarie Management Holdings, Inc., a Delaware corporation, which owns the public asset management business in the U.S.
• Macquarie Investment Management Holdings (Luxembourg) S.à r.l.
• Macquarie Investment Management Holdings (Austria) GmbH

Nomura and Macquarie announced that they have entered into an agreement for Nomura to acquire Macquarie’s U.S. and European public asset management business, with approximately US$180 billion in retail and institutional client assets across equities, fixed income and multi-asset strategies.

Under the terms of the agreement, Nomura will acquire 100% of the stock of three companies (the “Target Companies”) that operate Macquarie’s U.S. and European public asset management business for an all-cash purchase price of US$1.8 billion (subject to closing adjustments). The transaction is targeted to close by the end of the calendar year, subject to customary closing conditions and regulatory approvals.

Nomura has identified global asset management as a key strategic growth priority for the organization. Through this transaction, Nomura will significantly expand the global capabilities and client footprint of its Investment Management Division, which currently manages approximately US$590 billion in client assets. Upon completion, the total assets under management of Nomura’s Investment Management franchise are expected to increase to around US$770 billion, with more than 35% being managed on behalf of clients outside Japan. This acquisition will also provide Nomura with a scaled hub, headquartered in Philadelphia, to further grow its international Investment Management business.

This high-operating margin business will bring well-established distribution networks in both retail and institutional segments. The business has a presence on nine of the top ten retail distribution platforms in the U.S., as well as strong institutional relationships, including within U.S. insurance, a growing sector for asset managers globally. With its origins in Delaware Investments, which was established in 1929 and acquired by Macquarie in 2010, the business has a long history of serving clients through actively managed strategies.

The business is currently managed by a highly experienced team led by Shawn Lytle (President of the Macquarie Funds and Head of Americas for Macquarie Group). Shawn, alongside John Pickard, CIO Equities & Multi-Asset, Greg Gizzi, CIO Fixed Income, and Milissa Hutchinson, Head of U.S. Wealth, will continue to manage the business following the acquisition. In partnership with this management team, Nomura plans to carry out several initiatives to support organic growth, increased AUM scale, and diversification of the business’s capability set post-acquisition. These initiatives – which will build upon the strengths of the business and aim to position the platform to continue to deliver strong, long-term investment performance – include:
• Developing new investment capabilities designed to meet the needs of clients
• Scaling the active ETF platform established by the business in mid-2023
• Investing in talent and data analytics to grow the distribution platform
• Leveraging the business’s existing distribution channels to provide its retail and institutional clients with access to the broader set of Nomura asset management capabilities

“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.”

Chris Willcox, Nomura’s Chairman of the Investment Management Division added: “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.”

As part of the transaction, Nomura and Macquarie have agreed to collaborate on product and distribution opportunities, including Nomura being a U.S. wealth distribution partner for Macquarie Asset Management and providing continued access for U.S. 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 U.S. wealth clients.

A joint working group between Nomura and Macquarie will also be established to explore additional potential opportunities to create value for clients through further collaboration between the two organizations.

Source: Nomura

Macquarie Group announces agreement to divest Macquarie Asset Management’s public investments business in North America and Europe and enter broader strategic relationship with Nomura

• Macquarie Asset Management (MAM) to sell its North American and European public investments business, comprising equities, fixed income, and multi-asset, to Nomura.
• Nomura will acquire the business in its entirety including all relevant assets, teams, offices and operating platform, ensuring continuity for clients. 
• MAM will retain its public investments business in its home market of Australia where it will continue to operate and invest in a full-service asset management business across public and private markets.
• MAM and Nomura will collaborate on product and distribution opportunities to serve their respective clients more effectively.
• Transaction supports the further development of MAM’s platform as a leading global alternatives asset manager with significance in the Institutional, Insurance and Wealth channels.

Macquarie Asset Management (“MAM”), the asset management division of Macquarie Group (ASX: MQG, “Macquarie”),  announced that it has entered into an agreement to sell its North American and European public investments business to Nomura for approximately $A2.8 billion¹ (subject to adjustments) in an all-cash transaction. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close by the end of the calendar year 2025.

Nomura will acquire a North American and European focused public investments business comprising equities, fixed income and multi-asset strategies, with approximately $A285 billion of AUM. Nomura will acquire the business in its entirety including all assets, teams, offices and operating platform, ensuring continuity for clients. The business is led from Philadelphia and has over 700 employees. It will continue to be led by its experienced management team, through the period to close and into a new phase of ownership with Nomura.

MAM will retain its public investments business in Macquarie’s home market of Australia, where it will continue to operate a leading, integrated full-service asset management business across public and private markets servicing institutions, governments and individual investors.

As part of the transaction, MAM and Nomura have agreed to collaborate on product and distribution opportunities, including Nomura being a US wealth distribution partner for MAM, providing continued access for US wealth clients to MAM’s Alternative investment capabilities. Additionally, Nomura has committed to providing seed capital for a range of MAM Alternative funds tailored for US wealth clients. This builds on the recent success in jointly launching the Nomura Macquarie Private Infrastructure Fund in Japan earlier this year.

As a result of the transaction, MAM will be a more focused, leading, global private markets alternatives business serving the fast-growing Institutional, Insurance and Wealth markets, with a scaled full-service asset manager in Australia.

Ben Way, Head of MAM, said: “We are proud of the public investments business we have built and grown over many decades. 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. “

“This transaction will allow MAM to build on our leading global position in private markets, and our leading position in Australian public markets, as we focus on providing solutions for our Institutional, Insurance and Wealth clients.”

Source: Macquarie