Nomura (NMR) closes US$1.8B Macquarie asset acquisition, gaining US$166B AUM

Rhea-AI Filing Summary

Nomura Holdings, Inc. has completed its acquisition of Macquarie’s U.S. and European public asset management business for US$1.8 billion. The transaction adds approximately US$166 billion in client assets under management as of October 31, 2025, spanning equities, fixed income and multi-asset strategies, which will operate under the global Nomura Asset Management brand.

Nomura is combining these acquired operations with its private markets arm, Nomura Capital Management, and its high-yield business, Nomura Corporate Research and Asset Management, to create Nomura Asset Management International within its Investment Management division. The new business will be led by CEO Shawn Lytle and President and Deputy CEO Robert Stark, reflecting a strengthened management structure in New York and Philadelphia.

Nomura and Macquarie have also formalized a strategic partnership to distribute select Macquarie private funds to U.S. high-net-worth and family office clients and to co-develop investment solutions for clients in the U.S. and Japan, supporting Nomura’s long-term 2030 Management Vision.

Positive

• Completion of a major acquisition: Nomura closed the purchase of Macquarie’s U.S. and European public asset management business for US$1.8 billion, adding scale to its Investment Management division.
• Significant AUM increase: The deal brings approximately US$166 billion in client assets under management as of October 31, 2025, broadening exposure across equities, fixed income and multi-asset strategies.
• Strategic platform build-out: Combining the acquired assets with Nomura Capital Management and Nomura Corporate Research and Asset Management into Nomura Asset Management International supports Nomura’s 2030 Management Vision.
• Long-term partnership with Macquarie: A strategic agreement covers distribution of select Macquarie private funds to U.S. high-net-worth and family office clients and collaboration on new investment solutions for clients in the U.S. and Japan.

Negative

• None.

Insights

Equity research analyst – global asset management

Nomura closes a sizable AUM-adding deal, expanding its global asset management footprint.

The completion of Nomura’s acquisition of Macquarie’s U.S. and European public asset management business for US$1.8 billion brings about US$166 billion in additional assets under management as of October 31, 2025. This significantly enlarges Nomura’s Investment Management platform across equities, fixed income and multi-asset strategies and aligns with its 2030 Management Vision to grow fee-based, less capital-intensive businesses.

Operationally, Nomura is consolidating the acquired operations with Nomura Capital Management and Nomura Corporate Research and Asset Management into Nomura Asset Management International. Leadership appointments, including CEO Shawn Lytle and President and Deputy CEO Robert Stark, create a defined governance framework centered in New York and Philadelphia, with reporting lines into Nomura’s Investment Management Division and U.S. holding company.

Beyond the acquisition, the strategic partnership with Macquarie for distribution of select private funds to U.S. high-net-worth and family office clients, and joint development of new investment strategies for clients in the U.S. and Japan, broadens Nomura’s product and geographic reach. Subsequent disclosures in future company communications may further detail integration progress and the financial contribution of the enlarged asset management business.

FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of December 2025

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  X     Form 40-F    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):    

Information furnished on this form:

EXHIBIT

Exhibit Number

1. Nomura Completes Acquisition of Macquarie’s U.S. & European Public Asset Management Business

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				NOMURA HOLDINGS, INC.
Date: December 1, 2025				By:		/s/ Yoshifumi Kishida
						Yoshifumi Kishida
						Senior Managing Director

Nomura Completes Acquisition of Macquarie’s U.S. & European Public Asset Management Business

Tokyo, December 1, 2025 / New York, November 30, 2025—Nomura has today announced the successful completion of the acquisition of Macquarie’s U.S. and European public asset management business. The purchase price was US$1.8 billion¹ and the deal closure brings approximately US$166 billion (as of October 31, 2025) in retail and institutional client assets across equities, fixed income and multi-asset strategies, under Nomura’s global Nomura Asset Management brand.

As disclosed in April 2025, Nomura will bring its private markets business, Nomura Capital Management (NCM), and its high yield business, Nomura Corporate Research and Asset Management (NCRAM), together with the acquired assets to form Nomura Asset Management International, part of Nomura Asset Management.

Kentaro Okuda, Nomura’s President and Group CEO, said: “The successful close of this transaction marks a significant step towards our 2030 Management Vision, boosting our assets under management and diversifying and strengthening our platform.”

Headquartered in New York and Philadelphia, Shawn Lytle will be CEO, Nomura Asset Management International, and Robert Stark, President and Deputy CEO, Nomura Asset Management International. Mr. Lytle was formerly Head of Americas for Macquarie Group, while Mr. Stark will continue in his current position as CEO, Nomura Capital Management. Mr. Lytle will report functionally to Yoshihiro Namura, Head of Nomura’s Investment Management Division, and to Satoshi Kawamura, CEO and President of Nomura Holding America Inc., from an entity perspective.

Chris Willcox, Chairman of Nomura’s Investment Management Division, and Head of Wholesale, said: “We’re delighted to have completed this acquisition ahead of schedule and to welcome on board our new colleagues from Macquarie Asset Management.”

Yoshihiro Namura, Head of Investment Management Division, said: “Our goal with this transaction is simple: build a global platform with excellent investment capabilities and performance that helps clients achieve what matters most to them. I believe the new management team, led by Shawn and Robert, are well placed to deliver on our ambitions.”

Shawn Lytle, CEO, Nomura Asset Management International, said: “The newly combined business has a strong foundation, with a well-diversified platform across all major asset classes and client segments. We now have an exciting opportunity to build on the combined strengths of the new business and to grow the franchise globally.”

In addition to completing the transaction, Macquarie and Nomura have formalized a strategic partnership for product distribution and co-development of investment strategies, as was initially announced in April 2025.

Under the agreement, Nomura will distribute select Macquarie private funds to U.S. high-net-worth and family office clients. The partnership also establishes collaboration on developing innovative investment solutions for clients in the U.S. and Japan.

We have also established a joint working group between Nomura and Macquarie, as part of this partnership, to explore additional potential opportunities to create value for clients through further collaboration between the two organizations.

¹  The purchase price may be adjusted depending on the size of assets under management, working capital, liabilities, etc. of the target business at the time of closing.

ends

For further information please contact:

Name		Company		Telephone
Kenji Yamashita		Nomura Holdings, Inc. Group Corporate Communications Dept.		81-3-3278-0591

Nomura

Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

FAQ

What transaction did Nomura Holdings (NMR) announce in this Form 6-K?

Nomura announced that it has completed the acquisition of Macquarie’s U.S. and European public asset management business, a deal that expands its global Investment Management platform.

How much did Nomura Holdings (NMR) pay for Macquarie’s asset management business?

Nomura paid a purchase price of US$1.8 billion to acquire Macquarie’s U.S. and European public asset management business.

How many assets under management did Nomura gain through this acquisition?

The completed transaction brings approximately US$166 billion in retail and institutional client assets under management as of October 31, 2025 to Nomura’s Nomura Asset Management brand.

What new organizational structure did Nomura create following the Macquarie acquisition?

Nomura is combining the acquired Macquarie operations with Nomura Capital Management and Nomura Corporate Research and Asset Management to form Nomura Asset Management International, within Nomura Asset Management.

Who will lead Nomura Asset Management International after the acquisition?

The new entity will be led by Shawn Lytle as CEO and Robert Stark as President and Deputy CEO. Mr. Lytle will report functionally to Yoshihiro Namura and to Satoshi Kawamura from an entity perspective.

What is the strategic partnership between Nomura (NMR) and Macquarie following this deal?

Nomura and Macquarie have formalized a partnership under which Nomura will distribute select Macquarie private funds to U.S. high-net-worth and family office clients and jointly develop innovative investment solutions for clients in the U.S. and Japan.

How does this acquisition support Nomura’s long-term strategy?

Nomura’s President and Group CEO stated that the successful close is a significant step toward its 2030 Management Vision, boosting assets under management and diversifying and strengthening its investment management platform.