NOMURA Holdings has reorganised its US investment management efforts under new leadership as it looks to expand its private credit business.
The new unit, called Nomura Capital Management, will house the firm’s existing high-yield bond strategy and its private credit investments, according to a statement seen by Bloomberg.
Nomura is organising its US investment management efforts under one team to help the business grow organically and through acquisitions, said Robert Stark, Nomura Capital Management’s new CEO, in an interview. He joined the firm in 2022.
“When we talk to other teams and managers that we would like to acquire or integrate, we now can really show them a path of what they would plug themselves into,” he noted.
The firm plans to evaluate acquisition targets in areas such as asset-based lending, real estate debt, and infrastructure debt, Stark explained.
Nomura’s investment management arm began building a private credit business two years ago and has hired about 25 people since then, Stark said. It launched an interval fund in 2023 with US$100 million of seed capital from the firm, and started an opportunistic private credit investment strategy with US$200 million of seed money, with plans to raise outside capital for both, he added.
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David Crall will continue to lead the high-yield bond strategy as CEO and chief investment officer of that business, according to the statement.
Matthew Pallai will serve as CIO of Nomura Capital Management, which has about US$34 billion assets under management.
Apart from the global investment management business, which has about US$530 billion of assets under management overall, Nomura Holdings has two other main business lines: the retail brokerage in Japan and wholesale banking and investment banking across the globe. BLOOMBERG
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