Nomura’s biggest deal since Lehman forms $770 billion unit

The all-cash deal will enable Nomura to scoop up about $180 billion in client assets across equities, fixed income and multi-asset strategies, it said in a statement on Tuesday.

Tokyo-based Nomura has been expanding in asset management to generate more stable income and reduce its reliance on volatile trading and investment banking. It’s seeking to capitalize Japanese individuals’ growing appetite to invest their $15.8 trillion of financial assets as the country emerges from decades of deflation.

“This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses,” Chief Executive Officer Kentaro Okuda said. It will add “significant scale in the US, strengthening our platform, and providing opportunities to build our public and private capabilities.”