Nomura Holdings Inc ADR Dossier
Qualitative Analysis
Business overview
Nomura Holdings, Inc. is a leading global financial services group and Japan's largest investment bank and brokerage group. Established in 1925 and headquartered in Tokyo, Japan, the company operates an extensive international network spanning major financial hubs including Tokyo, Hong Kong, London, and New York. Nomura provides a broad range of investment, financing, and related services to individual, institutional, corporate, and government clients worldwide. The firm's operations are structured into three primary business segments: Wealth Management, Investment Management, and Wholesale. The Wealth Management segment delivers comprehensive asset management and retail brokerage services to individual clients. The Investment Management segment focuses on establishing and managing investment trusts, discretionary investment services, and providing diverse investment solutions. The Wholesale segment comprises Global Markets (sales, trading, and structuring of debt, equity, and foreign exchange products) and Investment Banking (underwriting, debt and equity distribution, mergers and acquisitions, and financial advisory services).
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A comprehensive long-term strategy focused on reaching sustainable growth, shifting toward a diversified global fee-based model, and improving earning power. In May 2026, Nomura upgraded its numerical targets to achieve an ROE of 10-12%+ and income before income taxes of over 750 billion yen by FY30/31.
Expected impact: Aims to establish a highly profitable, resilient business platform with stable recurring revenues across wealth management, investment management, wholesale, and banking.
Aggressively expanding alternative investment and private markets capabilities, including private equity, private debt, real estate, and infrastructure.
Expected impact: Targeting alternative assets under management of 10 trillion yen by March 2031, up from 2.9 trillion yen as of September 2025.
Developing and launching a deposit sweep service to seamlessly link banking functions with wealth management client accounts.
Expected impact: Aims to expand the client asset base, increase stable deposit balances, and realize synergies between the Wealth Management and Banking divisions.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To transform Nomura's investment management division outside of Japan, adding significant scale in the U.S. and Europe, and diversifying its platform with stable fee-based revenues.
Financial impact: Boosted Nomura's total assets under management to 136.9 trillion yen as of March 31, 2026, and significantly increased business revenue in the Investment Management division.
Strategic Partnerships
Strengthens origination and underwriting efforts in the U.S. senior direct lending market, granting Park Square access to private credit opportunities sourced by Nomura's U.S. Investment Banking division.
Terms: Nomura committed $150 million as an anchor Limited Partner in Park Square's inaugural dedicated U.S. senior direct lending vehicle, U.S. Loan Partners.
Formed alongside the public asset management acquisition to collaborate on product distribution and joint development of investment strategies, including distributing Macquarie's private funds to Nomura's high-net-worth clients in the U.S.
Terms: Includes seed capital commitments from Nomura to launch a series of Macquarie private markets funds aimed at U.S. wealth clients.