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Nomura Holdings (Nomura HD)

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Updated2026-05-26
Review by2026-11-15
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TL;DR

Japan’s largest independent securities group (on a net operating revenue basis). Originating from “Nomura Securities,” which became independent 1925-12-25 from the securities department of Osaka Nomura Bank, and established 2001-10-01 as a holding company. **Built on the axis of domestic retail (approximately 130 sales branches) + wholesale (IB / Markets) + Investment Management (Nomura AM, domestic No.2 class) + Instinet (US electronic trading) 4 **. 2008-10 it acquired Lehman Brothers’ Asia / Europe / Middle East divisions for approximately 2 億 dollars, accelerating globalization, and has maintained an “independent” position distinct from the megabank-affiliated securities firms (mufg MUMSS, smfg SMBC Nikko, mizuho-fg Mizuho Securities). •

1. Company overview

Formal name: Nomura Holdings, Inc. • English name: Nomura Holdings, Inc. Securities code: TSE PRIME 8604 (listed 2001-10-01) / NSE Premier 8604 / NYSE: NMR (ADR, listed 1981-01 ) • Established: 2001-10-01 (established as the wholly owning parent of Nomura Securities via share transfer) • Founded: 1925-12-25 (the securities department of Osaka Nomura Bank became independent as Nomura Securities) • Head office: 1-13-1 Nihonbashi, Chuo-ku, Tokyo (Nihonbashi 1-chome Mitsui Building) • Representative: Kentaro Okuda (Group CEO, 2020-04~) • Governance structure: Company with Nominating Committee, etc. (transitioned 2003-06 , among the earliest among Japanese banks / Japanese securities firms) •

FY2025 (2025-03 period) results (consolidated, US accounting standards) •

Item Amount YoY
Gross Revenue 4 兆 7,367 億円 +13.9%
Net operating revenue (after deducting financing expenses) 1 兆 8,925 億円 (1,892,485 百万円) +21.2%
Net income attributable to the company’s shareholders 3,407 億円 (340,736 百万円) +105.4% (record-high profit)
Total assets 56 兆 8,022 億円 (56,802,170 百万円) -
The company’s shareholders’ equity 3 兆 4,709 億円 -
ROE 10.0% -
Employees (consolidated) 27,242 名 -
Dividend per 1 share 57 円 (including commemorative dividend 10 円) -
Capital 5944 億 9300 万円 -

Major shareholders (2025-03-31) •

Shareholder Stake
The Master Trust Bank of Japan (trust account) 17.4%
SMBC Nikko Securities 1.5%
Custody Bank of Japan (trust account) approx. 6% (reference)
State Street Bank & Trust approx. 4% (reference)
The Bank of New York Mellon approx. 3% (reference)

Major subsidiaries / equity holdings

Nomura HD (holding company / listed 8604)
  ├── Nomura Securities (100%) ── core of domestic retail + domestic wholesale
  │     └── nationwide sales branches approx. 130 / client asset balance approx. 130 兆円 scale
  ├── Nomura Asset Management (100%) ── domestic public investment trusts No.2  class / ETF strength
  ├── Nomura International plc (100%, London) ── core of European IB/Markets
  ├── Nomura Securities International, Inc. (100%, New York) ── for US institutional investors
  ├── Instinet, LLC (100%, acquired 2007  → fully integrated 2019 ) ── US electronic trading / algo
  ├── Nomura Asia Holding N.V. / Nomura Singapore Ltd. etc. ── Asian bases
  ├── Nomura Trust Bank (100%) ── wrap accounts / pension trusts
  ├── Nomura Babcock & Brown (100%) ── real estate / infrastructure fund management
  ├── Nomura Fiduciary Research & Consulting ── pension consulting
  ├── Nomura Facilities (100%) ── real estate management
  └── Joinvest Securities (former) → already merged into Nomura Securities

Retail: Nomura Securities’ sales branches approx. 130 (among the most among megabank-affiliated securities firms; differentiated from the 3 major IFA network) • Wholesale: Global Markets (equities / bonds / FX / derivatives) + Investment Banking (M&A advisory / DCM/ECM) Investment Management: Nomura AM (domestic No.2 class) + Asian / European investment trusts

Founding / predecessors

  • 1872 年 Tokushichi Nomura (first generation) founded the money-changing business “Nomura Shoten” in Osaka
  • 1904 Tokushichi Nomura (second generation) inherited the family business
  • 1918 Osaka Nomura Bank established (a lineage of the distant ancestor of the present rsh Resona HD)
  • 1925-12-25 the securities department of Osaka Nomura Bank became independent → Nomura Securities established (second-generation Tokushichi Nomura) •
  • 1946 postwar reconstruction; not subject to zaibatsu dissolution (being in the securities business)
  • 1961 listed on the Tokyo Stock Exchange (former Nomura Securities)
  • 2001-10-01 Nomura HD established via share transfer, making Nomura Securities a wholly owned subsidiary

Key chronology (excerpt) •

Year/Month Event
1925-12-25 Nomura Securities founded (securities department of Osaka Nomura Bank made independent)
1961 listed on TSE First Section (former Nomura Securities)
1981-01 NYSE ADR listing (among the earliest global listings among Japanese banks / securities)
1986 London Stock Exchange membership (former Nomura Securities)
1997 shareholder-meeting racketeer profit-provision / salesman entertainment scandal (a symbol of securities scandals; Chairman Hideo Sakamaki resigned)
1997 obstruction of Ministry of Finance inspection / deteriorated to the brink of a voluntary-closure recommendation
1998-01 Junichi Ujiie became president (reconstruction)
2001-10-01 Nomura HD established (share transfer, making Nomura Securities a wholly owned subsidiary)
2003-06 transitioned to a company with Nominating Committee, etc. (among the earliest among Japanese securities firms)
2007-02 acquired Instinet Inc. (US electronic trading)
2008-09-22 agreed to acquire Lehman Brothers’ Asia-Pacific division for approximately 2 億 dollars •
2008-10 also acquired Lehman’s Europe / Middle East divisions (succeeded to approximately 8000 名 personnel; huge cost under Bonus Guarantee)
2012-03 insider-leak problem (leaked capital-increase information to institutional investors; CEO Kenichi Watanabe resigned)
2012-08 Koji Nagai became CEO
2013-04 “One Nomura” strategy (dissolving departmental silos, globally integrated operation)
2016 reduced US/European Equity divisions (cost reduction on the order of 10 億 dollars)
2019 Instinet fully integrated (unification of the electronic-trading platform)
2020-04 Kentaro Okuda became Group CEO
2021-03 huge loss in US prime brokerage (Archegos-related, approximately 29 億 dollars) •
2022~ strengthened risk management, rebuilt wholesale
2024 medium-term management plan (2030 ROE 8~10% target)
2025 accelerated domestic retail fund inflow on the tailwind of the new NISA
2025-03 period record-high profit (net income 3,407 億円, +105.4%) / ROE 10.0%, reaching the medium-term-plan target level •
2025-04-01 newly established banking division (4 -division → 5 -division system) •
2025-04-22 signed a contract to acquire Macquarie’s US/European asset-management business for 18 億 USD (accelerating Nomura AM’s globalization) •

2. Business segment map

2025-04-01 divisional reorganization: a banking division was newly established on top of the conventional 4 divisions (sales / wholesale / Investment Management / others), transitioning to a 5 -division system •

Segment Main operators Features
Domestic retail (sales division) Nomura Securities domestic sales branches approx. 130, combining face-to-face + online, thick in wealthy / retired generations
Wholesale - Global Markets Nomura Securities / Nomura International plc / Nomura Securities International equities / bonds / FX / derivatives, operating bases in Tokyo / London / NY 3
Wholesale - Investment Banking same as above M&A advisory / DCM/ECM, in direct competition with Japanese-bank-affiliated IB
Banking division (newly established 2025-04 ) Nomura Trust Bank + affiliated subsidiaries concentrates banking business for corporations / wealthy clients, integrating Group-wide funding / credit functions •
Electronic trading Instinet, LLC US-equity algo / dark pool, for institutional investors
Investment Management Nomura Asset Management public investment trusts No.2 class, ETF (NEXT FUNDS) strength, expanding global AUM via acquisition of Macquarie’s US/European asset-management business (signed 2025-04 , 18 億 USD) •
Trust / pension Nomura Trust Bank / Nomura Fiduciary wrap accounts / pension consulting
Merchant banking Nomura Capital Partners etc. PE investment / proprietary investment
Research Nomura Research Institute (NRI, listed 4307, equity-method around 24%) think tank + IT, independently listed

Wholesale revival

  • “One Nomura” strategy (2013-04~): abolishing departmental silos for globally integrated operation. Addressing the cultural friction after the Lehman acquisition
  • reducing US/European Equity → concentrating on bonds / FX / Macro (2016~): cost reduction on the order of 10 億 dollars, substantial reduction of European personnel
  • rebuilding after the Archegos loss (2021~): reducing prime brokerage, strengthening risk-management governance
  • concentration on Asia: Singapore / Hong Kong / India as growth axes. The Asian network succeeded through the Lehman acquisition is the foundation

Retail

  • sales branches approx. 130: among the largest among Japanese securities firms. Competes on client assets with megabank-affiliated securities firms (MUMSS etc.)
  • new NISA (2024-01~): a tailwind for individual money inflow, expanding AUM
  • online × face-to-face hybrid: Nomura Net & Call, combined with face-to-face sales branches

Investment Management

  • Nomura AM: public investment trusts domestic No.2 class, ETF (NEXT FUNDS) top-class domestically
  • ★ acquisition of Macquarie’s US/European asset-management business (signed 2025-04-22, 18 億 USD): succeeding to Australia’s Macquarie Asset Management’s US + European public / private asset-management business, expanding Nomura AM’s global AUM in one stroke. A rare “simultaneous entry into the US and Europe” deal among Japanese AMs •
  • Wealth Management: discretionary management for wealthy clients, growing SMA / wrap accounts
  • alternative investment: developing PE / infrastructure / real-estate funds through in-Group merchant banking

Banking division (newly established 2025-04 )

  • 2025-04-01 transition to the 5 -division system: a banking division was newly established on top of the conventional 4 divisions, concentrating Group-wide banking business (trust / corporate lending / funding for wealthy clients) •

Global 3 -base model

  • Tokyo (head office): Japan’s largest securities firm, retail + wholesale headquarters
  • London: Nomura International plc, Europe / Middle East IB / Markets hub
  • New York: Nomura Securities International, US institutional investors, Instinet electronic trading
  • Asia: Singapore / Hong Kong / India / Indonesia, based on the network succeeded from Lehman

4. Regulation / policy

  • Supervisor: Financial Services Agency (FSA, securities business) + Japan Securities Dealers Association (self-regulation)
  • Overseas regulation: US SEC / FINRA, UK FCA / PRA, Hong Kong SFC, Singapore MAS, etc.
  • Recent policy issues:
    • 2024~ new NISA expansion (doubling of investment quota) → individual money inflow
    • 2025~ stablecoin / tokenized-securities regulation
    • 2025~ customer-oriented business operation (FSA revision of the “Principles for Customer-Oriented Business Operation”)

Successive Group CEOs (after becoming a holding company) •

Generation Name Tenure Main events
1 Junichi Ujiie 2003-06~2008-04 holding-company conversion / preparation for the Lehman acquisition
2 Kenichi Watanabe 2008-04~2012-08 Lehman acquisition / resigned over the insider leak
3 Koji Nagai 2012-08~2017-04 One Nomura strategy, reduction of US/European Equity
4 Koji Nagai (Chair after stepping down as CEO) - -
5 Koji Nagai → Kentaro Okuda 2020-04~incumbent response to the Archegos loss, re-strengthening of retail

Sources

[!info] Verification status confidence: likely (v1.1 FY2025 full-year results + 2025-04 divisional reorganization + Macquarie acquisition reflected, 2026-05-19). Results figures are on a US GAAP basis (net income 3,407 億円 / ROE 10.0% / total assets 56.8 兆円); note caution in comparison with Japanese standards such as MUFG’s. The Macquarie acquisition is at the pre-closing contract stage, with room for the final terms to change.

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