Nomura Asset Management

What Nomura Asset Management does

Nomura Asset Management Co., Ltd. is a Tokyo-headquartered investment management firm and wholly-owned subsidiary of Nomura Holdings, Inc. (publicly listed on the Tokyo Stock Exchange under ticker NMR). Established in 1959, the firm manages approximately $697 billion in assets as of March 31, 2026, making it the #1 investment trust manager in Japan and the country's largest ETF provider with a 43% domestic ETF market share as of December 31, 2025. It serves both institutional clients (pension funds, insurance companies, sovereign wealth funds) and retail investors through a globally diversified product platform spanning equities, fixed income, multi-asset, alternatives, and smart beta strategies.

The firm's product architecture centers on three principal wrappers: the NEXT FUNDS ETF platform listed on the Tokyo Stock Exchange (the dominant Japan ETF brand with 43% market share), the Nomura Funds Ireland (NFI) UCITS range distributed across Europe, and direct institutional mandates plus investment trusts. Proprietary technology elements include the RAFI Fundamental Indexation Strategy (developed in partnership with Research Affiliates as a pioneer of Smart Beta in Asia) and systematic emerging markets equity strategies. The firm maintains wholly-owned regional subsidiaries in the UK, Europe (KVG mbH), USA, Malaysia (including a Shariah-compliant entity), Singapore, and Hong Kong, enabling direct institutional distribution across major financial centers.

Revenue is generated primarily through investment advisory and management fees calculated on assets under contract, with performance-based fee structures available for select discretionary mandates and additional investment trust management fees on retail products. Distribution relies on dedicated institutional field sales teams across regional offices, exchange listing for ETFs, UCITS distribution in Europe, and retail intermediaries in Japan. In 2025 the firm completed a transformative $1.8 billion acquisition of Macquarie's US and European public asset management businesses, adding $166 billion in AUM and substantially scaling its non-Japan footprint under new external President Mr. Okoshi (formerly of JP Morgan Asset Management).

Name

Nomura Asset Management

Legal name

Nomura Asset Management Co., Ltd.

Website

https://global.nomura-am.co.jp

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tokyo-headquartered Nomura Asset Management, a Nomura Holdings subsidiary, manages approximately $697 billion across equities, fixed income, multi-asset, and alternative strategies for institutional and retail clients globally. Its NEXT FUNDS ETF platform holds 43% of Japan's ETF market.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

akta.pro secondary industries

Multi-Asset Mutual Funds & UCITS (Balanced/Allocation Funds) (FSAAAJAA), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Asset management
• Investment advisory
• ETF products
• Equity strategies
• Fixed income management

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Advisory and Management Fees: The primary revenue stream is fees charged for investment advisory services, calculated as assets under contract multiplied by the agreed-upon percentage fee rate, with optional performance-based fee structures for certain clients.
2. Performance-based Fees: Based on mutual agreement, Nomura adopts performance-based fee structures or combinations with flat fee structures for discretionary investment contracts.
3. Investment Trust Management Fees: Expenses such as investment trust management fees, sales company and management company fees are charged when investing through investment trust products, including proprietary NEXT FUNDS ETFs.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Nomura Asset Management provides segregated investment management, mutual funds, and exchange-traded funds across equities, fixed income, multi-asset, alternatives, and smart beta strategies. Its flagship offerings include the NEXT FUNDS ETF platform (Japan's #1 with 43% market share), the NFI UCITS fund range for European investors, and discretionary investment advisory contracts for institutional clients. Revenue is generated primarily through asset-based management fees, performance fees, and investment trust management fees.

Product overview

Nomura Asset Management is Japan's leading investment management firm with approximately $697 billion in assets under management (as of March 2026). The firm operates a multi-product platform spanning equities, fixed income, alternatives, multi-assets, and smart beta strategies. The core product offerings include the NEXT FUNDS ETF brand (holding 43% market share in Japan), the NFI UCITS fund family domiciled in Ireland, and direct investment strategies. The equity lineup includes regional funds (Asia ex-Japan, India, China, Taiwan) and Japan-dedicated funds (Strategic Value, High Conviction, Small Cap, Sustainable Equity), complemented by global and thematic strategies (Global High Conviction, Global Sustainable Equity, Global Multi-Theme). Fixed income offerings encompass investment grade bonds, high yield (global, US, Asia), emerging market local currency debt, corporate hybrids, and dynamic bond strategies. The firm also provides real return solutions, alternative investments through Nomura Alternative Connect, and innovative products including Shariah-compliant funds and security tokens. Strategic partnerships with American Century Investments and New Forests extend capabilities in dividend growth and nature-based assets respectively.

Differentiator

Problem solved

Functional benefit

Brands

• NEXT FUNDS: Brand name for Nomura's exchange-traded funds listed on the Tokyo Stock Exchange
• Nomura Funds Ireland plc
• NFI (Nomura Funds Ireland)

Products and services

• NEXT FUNDS ETF Platform Nomura's flagship ETF brand and the leading ETF provider in Japan with 43% market share, offering a comprehensive range of exchange-traded funds tracking domestic and international indices for retail and institutional investors.
• Nomura Alternative Connect An alternative investment solution platform enabling institutional investors to access private markets and alternative investment strategies.
• NFI (Nomura Funds Ireland) UCITS Fund Platform UCITS-compliant fund range domiciled in Ireland providing regulated access to Asian and global equity and bond strategies for European institutional and intermediary investors.
• Japan Smaller Capitalization Fund Closed-end fund investing in Japanese smaller capitalization companies, listed on exchanges with periodic tender offers, managed by Nomura Asset Management U.S.A. Inc.
• Nomura Asia ex-Japan High Conviction Fund Actively managed equity fund focusing on high-conviction opportunities across Asia ex-Japan markets, targeting long-term capital growth for European and global institutional investors.
• Nomura India Equity Fund Focused equity strategy targeting growth opportunities in the Indian market through stock selection across sectors, available via UCITS wrappers for European and global investors.
• Nomura China Fund Dedicated equity fund providing exposure to Chinese equities through active stock selection, distributed via UCITS wrappers to European and global investors.
• Nomura Japan Strategic Value Fund Japanese equity fund targeting undervalued stocks with strong value characteristics, available to European and global investors via UCITS wrappers.
• Nomura Global Sustainable Equity Fund Global equity fund integrating environmental, social, and governance factors into investment decisions, distributed to European and global investors through UCITS wrappers.
• Nomura Global High Yield Bond Fund Fixed income fund targeting higher yields through diversification across global high-yield corporate bonds, available via UCITS wrappers to European and global investors.
• Japan Shariah Active Core Fund Shariah-compliant Japanese equity fund designed for investors seeking Islamic finance-compliant exposure to Japanese markets.
• Nikkei Japan Entertainment Content Stock Index ETF Thematic ETF tracking the Nikkei Japan Entertainment Content Stock Index (Total Return), listed on the Tokyo Stock Exchange under the NEXT FUNDS platform.

Quantifiable outcome

• Nomura Asset Management funds consistently outperform benchmarks across multiple strategies in Q1 2026, including the Nomura Wealth Builder Fund returning -0.25% vs benchmark -2.62%, and Nomura Healthcare Fund outperforming the Russell 3000 Healthcare Index

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, core and flagship.

• UntroD Capital Japan Co., Ltd.minorStrategic or Co-development Partner · 27 March 2026The UntroD Nomura Crossover Impact Fund (XIF), established in 2024 as a collaboration between UntroD Capital Japan and Nomura Asset Management, made an investment in Seiwa Holdings Co., Ltd. The fund aims to support late-stage startups with impact orientation and cultivate the crossover and impact investment market.
• New ForestscoreStrategic or Co-development Partner · 20 May 2022Strategic partnership with Australian nature-based real assets and natural capital manager New Forests. Nomura acquired a stake in New Forests in May 2022 to expand capabilities in sustainable real assets and natural capital investments.
• Research Affiliates, LLCcoreTechnology or IntegrationNomura Asset Management has developed products based upon Research Affiliates' Fundamental Index Strategy. As a pioneer of Smart Beta investment in Asia, Nomura has a long history of quantitative investing including the Nomura RAFI fundamental indexation strategy and indexing strategies based on RAFI provided by Research Affiliates.
• American Century InvestmentsflagshipStrategic or Co-development PartnerStrategic partnership for joint product development including the launch of Active ETF for High Yield Bonds in 2021 and U.S. Focused Innovation Equity UCITS in August 2021. The partnership combines American Century's investment capabilities with Nomura's distribution reach.
• Nomura Corporate Research and Asset Management Inc.coreOthersBoutique investment management firm specializing in below investment grade credit markets, focusing on US & Global high yield instruments and emerging market debt. Part of the Nomura Group.
• Nomura Fiduciary Research & Consulting Co., Ltd.coreOthersJoint venture established in 2000 by Nomura Holdings, Inc. and Nomura Research Institute, Ltd. Functions include investment advisory, agency and management businesses, covering planning, evaluation, information, and consulting services related to investment product management.
• Nomura Fiduciary Research & Consulting America, Inc.coreOthersAmerican investment advisory company established in 2001. Evaluates, selects, develops, monitors, and manages alternative financial products in Europe and the United States.

Scale indicators7 records

Recent moves8 records

Expansion highlights8 records

Broad incumbents

• BlackRock: World's largest asset manager with ~$11T AUM, offering iShares ETFs, multi-asset institutional solutions, and alternatives — directly comparable to NAM across ETFs, institutional mandates, and global distribution, but at vastly greater scale.
• Vanguard: Global low-cost index ETF and mutual fund leader, a direct competitor in the index/smart beta ETF segment where NAM's NEXT FUNDS platform operates, with similar passive-heavy business model.
• JPMorgan Asset Management: One of the largest global active and multi-asset managers with strong institutional distribution; directly comparable given NAM's new President Mr. Okoshi was recruited directly from this firm.
• Fidelity Investments: Global asset manager with strong ETF (Fidelity ETFs), mutual fund, and institutional offerings; comparable across multiple strategies and serves as a benchmark for product breadth and scale.
• Goldman Sachs Asset Management: Major institutional asset manager with strong alternatives, fixed income, and equity capabilities, plus growing ETF business — comparable across institutional mandates and product diversification.
• State Street Global Advisors: Third-largest ETF issuer globally (SPDR brand), directly comparable to NEXT FUNDS in ETF market dynamics, with comparable institutional multi-asset solutions and passive-heavy mix.
• Invesco: Global asset manager with strong ETF franchise (Invesco QQQ) and institutional capabilities; directly competes with NAM across ETFs, active equity, fixed income, and alternatives globally.
• PIMCO: Global fixed income and multi-asset specialist with deep institutional penetration; directly comparable to NAM's fixed income and multi-asset institutional offerings.

Direct peers

• Amova Asset Management (formerly Nikko Asset Management): Major Japanese asset manager and the closest direct domestic peer to NAM — competing head-to-head in Japanese equities, fixed income, ETFs, and institutional mandates with similar product breadth and Japan-centric client base.
• Daiwa Asset Management: Japanese asset management subsidiary of Daiwa Securities Group, directly competing with NAM across Japanese investment trusts, ETFs, and institutional mandates in the domestic market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nomura Asset Management