Nomura Holdings, Japan’s largest investment bank and brokerage, plans to deepen its U.S. footprint, its chief executive said on Friday. Despite recent market upheaval, Nomura sees the United States as its most important growth region.
Tariff Fears Triggered Asset Sell-Offs
In April, sweeping tariffs announced by the U.S. government rattled global markets. Many investors, worried about America’s financial position and safety, sold U.S. assets. This selling pushed down U.S. markets and raised questions about their dominance.
U.S. Business Already a Significant Revenue Source
Nomura’s investor-relations filings show that U.S. operations generated 14% of its pretax revenue in the year to March 2025. “While the U.S. is arguably the epicenter of market volatility in global tariff negotiations,” CEO Kentaro Okuda said in Tokyo, “it is the most important region full of business opportunities.”
Major Acquisition Boosts Asset Management
In April, Nomura agreed to buy Macquarie Group’s U.S. and European public asset management arm for $1.8 billion. This deal marks Nomura’s largest acquisition to date and underlines its push to become a leading global lender.
Past Deals Yielded Mixed Results
Not all of Nomura’s overseas deals have succeeded. Its 2008 purchase of certain Lehman Brothers assets later required significant write-downs.
Rebalancing Focus Could Bring New Opportunities
Christopher Willcox, who leads Nomura’s wholesale business and chairs its asset management division, echoed Okuda’s optimism. He said the U.S. market will stay attractive over the long term. At the same time, any shift away from U.S. assets could benefit Nomura.
“We think the dominance of the U.S. market over the last few years is unhealthy,” Willcox said. “Rebalancing to focus on Europe and Asia is a good thing. We run a global business, so that’s fine.”
