By Kaname Sugimoto / Yomiuri Shimbun Staff Writer

Japanese financial giant Nomura Holdings Inc. marked a milestone on Dec. 25, celebrating the 100th anniversary of the founding of its core subsidiary, Nomura Securities Co.

As Nomura Holdings enters a new era, the company aims to compete globally with its asset management business, setting a target of joining the "trillion dollar club" in assets under management (AUM). The goal was revealed by the company's President and Group CEO Kentaro Okuda, during a recent interview with The Yomiuri Shimbun.

The following is excerpted from the interview.

Acquisition good for operations both in Japan, U.S.

The Yomiuri Shimbun: Nomura Holdings has been strengthening its asset management business recently, represented by the acquisition of a U.S. asset management company from Australia-based Macquarie Group Ltd. in 2025. Can you reflect on the move?

Kentaro Okuda: Since becoming president (in 2020), I have worked on expanding a stable revenue base resistant to market conditions. In particular, I've been thinking of a (growth) engine in the United States, which is the biggest market for investment. The Japanese market is growing, so I also wanted to establish a channel to sell Japan-related financial products to foreign investors.

The company we acquired (in 2025) -- previously known as Delaware Investments -- is a long-established asset management company with a history of nearly 100 years. It possesses strong sales channels in the United States, so we concluded that the company would enable us to do good business in both Japan and the United States.

Going forward, we would like to leverage the business arms we have acquired to strengthen our offering of investment opportunities in private assets. The private asset market in Japan is less developed compared to some countries. So, we aim to expand it while helping clients understand the features of the products and their risks.

There is a global trend of seeking the "trillion dollar club" in AUM. This is because having AUM of 1 trillion dollar (about 160 trillion yen) provides opportunities for more stable business development. Currently, we have AUM of about 100 trillion yen in our asset management business, and we aim to increase that figure to (1 trillion dollar) by 2030.

Japan as alternative to China

Yomiuri: The Japanese stock market continues to be vibrant. What are your thoughts?

Okuda: In recent years, overseas institutional investors are significantly stepping up their transactions in the Japanese stock market. I have had many opportunities to meet overseas investors visiting Tokyo, and when I ask them why they are interested in Japan, I generally get three types of answers.

First, they talk about the attractiveness of Japan as an alternative to China in investment. Problems such as tensions between the United States and China have made it difficult to invest in China on the same scale as before. Japan is gaining attention as an alternative destination.

Second, Japan has made improvements in corporate governance. The establishment of the Corporate Governance Code in 2015 has helped business heads change their mindsets on improving capital efficiency. They have become more conscious of communicating with shareholders based on indicators such as return on equity $(ROE)$, which is welcomed by investors.

Third is the strong performance of Japanese companies. Many companies have released their earnings forecasts for the fiscal year ending March 2026, with an increasing number of firms predicting to post record profit in the period.

Yomiuri: Allow me to ask for your thoughts on Nomura Holdings' services targeting individual customers, as the company's wealth management division -- which primarily handles asset management for wealthy clients -- is improving its performance.

Okuda: Over the past few years, we have been working to reform our wealth management division. In particular, we have been focusing on expanding our business through workplace initiatives such as employee stock ownership plans. About 80% of clients who opened new accounts through their workplace were aged below 60, meaning we are being able to connect to people whose assets will grow in the future. We are also strengthening partnerships with regional financial institutions, which helps us create stronger ties with customers in regional areas.

Appointing leaders regardless of nationality

Yomiuri: How will you nurture employees as your company's business becomes more globalized?

Okuda: Our corporate group now has about 28,000 employees, with the ratio of non-Japanese workers accounting for about 50%. Employees from India comprise the second-largest group after Japan at about 5,000. Many are skilled IT engineers with high English proficiency. We are also utilizing our offices in India as a hub for developing IT and AI.

If we have the chance to expand our workforce in the future, it will be in the United States, as we can expect business growth there. India would be the next candidate for a regional operations base. Recently, we have been aiming to expand in the Middle East, such as in Dubai, so we plan to increase investment in the region (including hiring more workers).

Yomiuri: How will you proceed with the globalization of the executive personnel?

Okuda: My belief is that diversity in human resources is a great asset. Since becoming president, I've been actively replacing board members. Currently, eight of the 12 board members are outside directors, and four of the outside directors are non-Japanese. We are also increasing the number of overseas executive officers and division chiefs. We would like to appoint the next generation of leaders from people who showcase their skills, regardless of nationality.

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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February 05, 2026 01:25 ET (06:25 GMT)

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