The news: Macquarie Asset Management will sell its North American and European public investments business to Nomura for approximately $2.8 billion in an all-cash transaction, the company said.
Macquarie will retain its public investments business in Australia, where it will continue to operate a full-service asset management business across public and private markets.
The numbers: The business includes equities, fixed income and multi-asset strategies, with approximately $285 billion of assets under management and more than 700 employees.
Nomura will acquire the business in its entirety, including all relevant assets, teams, offices and operating platform.
What they said: The transaction is expected to close by the end of the year and is subject to regulatory approvals and customary closing conditions.
It will leave Macquarie Asset Management focused on global alternatives and a full-service asset management business in Australia, the company said.
Macquarie and Nomura will also collaborate on product and distribution opportunities, including seed capital from Nomura for a range of Macquarie Alternative funds aimed at US wealth clients, it added.
“We are pleased that Nomura will carry it forward into a new phase of growth in North America and Europe,” Ben Way, head of MAM, said in a statement
“We are also excited to further strengthen our collaboration with Nomura, creating benefits for our respective clients.“