Nomura, one of the largest investment companies in Japan, has agreed to buy Australia-based Macquarie’s U.S. investment management arm along with two smaller European affiliates for $1.8 billion, writes Joseph N. DiStefano for The Philadelphia Inquirer.
The acquired companies manage $180 billion worth of stocks and bonds for individual investors, insurance companies, and other institutions.
Macquarie is headquartered in Philadelphia and employs over 700 stock-pickers, bond-watchers, analysts, and other professionals in the United States and Europe. Following the acquisition, Nomura plans on turning Philadelphia into the hub for its expanded international stock and bond funds business.
According to Kentaro Okuda, Nomura’s president, these “stable,” high-profit businesses “will be transformational” for the company’s plans to expand beyond Japan, grow its U.S. assets, and increase its capacity to sell private and publicly traded investments.
Chris Willcox, chairman of Nomura’s investment management arm, added that the Philadelphia deal represents “a significant step” in expanding worldwide.
The new owner plans to keep Macquarie’s Center City offices and its management team. This will include president Shawn Lytle, director of stock investments John Pickard, bond manager Greg Gizzi, and head of U.S. wealth Millissa Hutchinson.
Read more about what Macquarie’s acquisition means for its future, especially in Philadelphia in The Philadelphia Inquirer.
_____
