Nomura Holdings (Nomura HD)
#JapanFG#securities
On this page
- Wiki route
- TL;DR
- 1. Company overview
- FY2025 (2025-03 period) results (consolidated, US accounting standards)
- Major shareholders (2025-03-31)
- Major subsidiaries / equity holdings
- Founding / predecessors
- Key chronology (excerpt)
- 2. Business segment map
- Wholesale revival
- Retail
- Investment Management
- Banking division (newly established 2025-04 )
- Global 3 -base model
- 4. Regulation / policy
- Successive Group CEOs (after becoming a holding company)
- Related
- Sources
Wiki route
This entry sits under securities-firms INDEX. Read it against Daiwa Sg for peer / contrast context and securities index for the broader system / regulatory boundary.
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 SecuritiesRetail: 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 |
Related
- mufg · smfg · mizuho-fg · sbi-hd · rsh
- ndfg · daiwa-securities
- nisa-2024-flow
Sources
- Wikipedia: 野村ホールディングス (https://ja.wikipedia.org/wiki/野村ホールディングス, 2026-05-19 extracted)
- Wikipedia: 野村證券 (https://ja.wikipedia.org/wiki/野村證券, 2026-05-19 extracted)
- Nomura HD 121 th term (2025-03 period) securities report
- Nomura HD official IR earnings summary (US-GAAP) FY2025 full year (https://www.nomuraholdings.com/jp/investor/summary/financial/data/2025_full_usgaap.pdf, 2026-05-19 extracted)
- Nomura HD official history (https://www.nomuraholdings.com/jp/company/about/history/)
- Public reporting: Reuters / Nikkei (Archegos loss, Lehman acquisition, One Nomura, Macquarie acquisition contract)
[!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.