Nomura Holdings, Inc. (NMR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de las finanzas globales, Nomura Holdings, Inc. (RMN) surge como una potencia de innovación estratégica, tejiendo un complejo tapiz de servicios financieros que trascienden las fronteras tradicionales. Con su lienzo de modelo de negocio meticulosamente elaborado, Nomura demuestra un enfoque incomparable para navegar por los dinámicos mercados financieros asiáticos, ofreciendo soluciones sofisticadas que combinan tecnología de vanguardia, ideas profundas del mercado y una red sólida de asociaciones estratégicas. Esta exploración presenta los intrincados mecanismos que impulsan el éxito de Nomura, revelando cómo la empresa transforma desafíos financieros complejos en oportunidades convincentes para clientes institucionales e individuales por igual.

Nomura Holdings, Inc. (RMN) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras globales

Nomura mantiene asociaciones estratégicas con las siguientes instituciones financieras globales:

Institución asociada	Tipo de colaboración	Año establecido
Goldman Sachs	Banca de inversión transfronteriza	2010
Morgan Stanley	Servicios de asesoramiento estratégico	2009
JPMorgan Chase	Plataforma de comercio derivado	2015

Relaciones colaborativas con proveedores de tecnología

Las asociaciones de tecnología clave de Nomura incluyen:

• IBM para infraestructura de computación en la nube
• Microsoft para IA y soluciones de aprendizaje automático
• Servicios web de Amazon para análisis financiero basado en la nube

Empresas conjuntas en mercados financieros asiáticos

Las importantes empresas conjuntas de Nomura en los mercados asiáticos:

País	Socio de empresa conjunta	Porcentaje de propiedad
Porcelana	Valores cíticos	34.5%
India	Banco del eje	25.9%
Singapur	Banco DBS	20.1%

Asociaciones con firmas de investigación de inversiones

Nomura colabora con firmas de investigación para información integral del mercado:

• Integración terminal de Bloomberg
• Asociación de análisis de datos de Refinitiv
• S&P Global Market Intelligence Research Colaboración

Red de cumplimiento regulatorio y asesoramiento

Las asociaciones de cumplimiento regulatorio de Nomura incluyen:

• Agencia de Servicios Financieros de Japón
• Comisión de Bolsa y Valores (EE. UU.)
• Autoridad bancaria europea

Inversión total de asociación en 2023: $ 742 millones

Número de asociaciones globales activas: 87

Nomura Holdings, Inc. (RMN) - Modelo de negocio: actividades clave

Banca de inversión y negociación de valores

Nomura reportó ingresos netos totales de 1,627.2 mil millones de yenes para el año fiscal 2023. El segmento de banca de inversión generó 320.5 mil millones de yenes en ingresos.

Categoría de negociación	Ingresos (mil millones de yenes)
Comercio de renta variable	278.3
Comercio de renta fija	412.6
Comercio de derivados	186.9

Servicios de gestión de patrimonio

La división de gestión de patrimonio de Nomura administró 54.8 billones de yenes en los activos del cliente a marzo de 2023.

• Cuentas totales de clientes minoristas: 3.2 millones
• Valor de cuenta promedio: 17.1 millones de yenes
• Usuarios de la plataforma digital: 1.5 millones

Aviso de fusiones y adquisiciones

Los servicios de asesoramiento de M&A generaron 87.4 mil millones de yenes en ingresos para el año fiscal 2023.

Tipo de transacción de M&A	Valor total (mil millones de yenes)
Transacciones nacionales	1,250.5
Transacciones transfronterizas	875.2

Investigación de Comercio e Investigación Financiera de Propietario

El comercio patentado generó 145.6 mil millones de yenes en ingresos, con 320 analistas de investigación que cubren los mercados globales.

• Cobertura de investigación: 42 países
• Activos comerciales propietarios: 1.2 billones de yenes
• Algoritmos de comercio: 78 estrategias activas

Gestión de riesgos y consultoría financiera

La división de gestión de riesgos monitoreó 68.5 billones de yenes en la exposición total al riesgo.

Categoría de riesgo	Exposición (billones de yenes)
Riesgo de mercado	32.7
Riesgo de crédito	22.5
Riesgo operativo	13.3

Nomura Holdings, Inc. (RMN) - Modelo de negocio: recursos clave

Experiencia financiera global extensa

A partir de 2024, Nomura Holdings mantiene una fuerza laboral global de 24,309 empleados en múltiples oficinas internacionales. La compañía opera en centros financieros clave, incluidos Tokio, Nueva York, Londres y Singapur.

Presencia geográfica	Número de oficinas	Fuerza laboral global
Japón	137	15,672 empleados
Mercados internacionales	43	8.637 empleados

Tecnología avanzada de comercio y análisis

Nomura invierte ¥ 86.4 mil millones anualmente en infraestructura tecnológica y plataformas digitales.

• Sistemas de comercio de alta frecuencia
• Plataformas de comercio algorítmico de aprendizaje automático
• Tecnologías de gestión de riesgos en tiempo real

Fuerte reputación de la marca en los mercados asiáticos

Valoración del mercado a partir de enero de 2024: ¥ 1.98 billones. Ocupó el tercer lugar entre las instituciones financieras japonesas en la fuerza de la marca.

Diversos grupos de talentos de profesionales financieros

Categoría profesional	Número de profesionales
Banqueros de inversión	3,456
Analistas de investigación	1,287
Especialistas comerciales	2,345

Infraestructura digital robusta y plataformas

Inversión digital: ¥ 42.7 mil millones en ciberseguridad e infraestructura tecnológica para 2024.

• Plataformas de comercio basadas en la nube
• Sistemas avanzados de ciberseguridad
• Herramientas de análisis financiero con IA

Nomura Holdings, Inc. (RMN) - Modelo de negocio: propuestas de valor

Soluciones financieras integrales para clientes institucionales

Nomura Holdings proporciona soluciones financieras con las siguientes métricas clave:

Categoría de servicio	Ingresos anuales (2023)	Base de clientes
Valores institucionales	¥ 1.26 billones	Más de 1.500 clientes institucionales
Suscripción de capital	¥ 87.4 mil millones	Top 3 suscriptores en Japón

Estrategias e investigación de inversión sofisticadas

Las capacidades de investigación de inversiones incluyen:

• Cobertura de investigación global en 40 países
• Más de 500 analistas de investigación
• Presupuesto de investigación anual: ¥ 42.6 mil millones

Servicios financieros transfronterizos en la región de Asia-Pacífico

Presencia geográfica	Número de oficinas	Valor de transacción transfronteriza anual
Región de Asia-Pacífico	24 oficinas	¥ 3.7 billones

Ofertas personalizadas de gestión de patrimonio

Rendimiento del segmento de gestión de patrimonio:

Segmento de clientes	Activos bajo administración	Tamaño promedio de la cartera de clientes
Individuos de alto patrimonio	¥ 28.5 billones	¥ 215 millones por cliente

Capacidades avanzadas de gestión de riesgos

Métricas de gestión de riesgos:

• Inversión en tecnología de gestión de riesgos: ¥ 36.2 mil millones
• Modelado de riesgos avanzados que cubren el 98% de las actividades comerciales globales
• Sistemas de monitoreo de riesgos en tiempo real

Nomura Holdings, Inc. (RMN) - Modelo de negocios: relaciones con los clientes

Equipos dedicados de gestión de relaciones

Nomura mantiene 142 equipos dedicados de gestión de relaciones en los centros financieros globales a partir de 2023. Estos equipos atienden a aproximadamente 3.750 clientes institucionales en todo el mundo, con un valor promedio de cartera de clientes de $ 487 millones.

Región	Número de gerentes de relaciones	Valor promedio de cartera de clientes
Japón	68	$ 312 millones
Asia (ex-Japan)	39	$ 276 millones
América	22	$ 542 millones
Europa	13	$ 401 millones

Plataformas de participación de cliente digital

Nomura invirtió $ 127 millones en infraestructura digital en 2023, desarrollando plataformas avanzadas de compromiso de cliente digital.

• Plataforma de comercio móvil con 287,000 usuarios activos
• Portal de investigación digital accedido por 4.200 clientes institucionales
• Panel de análisis de mercado en tiempo real

Servicios de asesoramiento financiero personalizados

Nomura ofrece servicios de asesoramiento especializados a 2,840 clientes de alto valor de la red con activos agregados bajo la administración de $ 214 mil millones en 2023.

Informes regulares del mercado e informes de investigación

Tipo de informe	Frecuencia	Número de informes en 2023
Investigación de capital	A diario	1,248
Análisis de renta fija	Semanalmente	264
Ideas macroconómicas	Mensual	72

Consulta de inversión personalizada

Nomura ofrece servicios de consulta de inversión personalizados a 6.500 clientes individuales e institucionales, con una duración de consulta promedio de 2.4 horas por cliente en 2023.

• Tamaño promedio de la cartera de inversiones: $ 22.6 millones
• Tasa de retención del cliente: 87.3%
• Interacción anual promedio del cliente: 7.6 puntos de contacto

Nomura Holdings, Inc. (RMN) - Modelo de negocios: canales

Plataformas de comercio en línea

Nomura opera Nomura Direct, una plataforma de negociación en línea con las siguientes especificaciones:

Métrica de plataforma	Detalles
Usuarios digitales activos	487,000 a partir de 2023
Volumen anual de transacción digital	¥ 3.2 billones
Cobertura de plataforma móvil	95% de los mercados financieros japoneses

Aplicaciones de banca móvil

Las características de la aplicación móvil de Nomura incluyen:

• Seguimiento de inversión en tiempo real
• Ejecución de comercio instantáneo
• Gestión segura de transacciones

Estadística de aplicaciones móviles	Medición
Descargas de aplicaciones móviles	672,000 en 2023
Usuarios activos mensuales	348,000

Red de sucursales físicas

Nomura mantiene la presencia física estratégica:

Categoría de ubicación	Número de ramas
Ramas nacionales de Japón	137
Centros financieros internacionales	27
Oficinas globales	30 países

Equipos de ventas directos

Composición de la fuerza de ventas de Nomura:

Categoría del equipo de ventas	Número de personal
Representantes de ventas institucionales	2,340
Asesores financieros minoristas	1,876
Cobertura de ventas global	15 mercados financieros principales

Portales de comunicación e investigación digital

Infraestructura de investigación digital de Nomura:

Métrica de investigación digital	Estadística
Informes de investigación publicados anualmente	4,200
Suscriptores de investigación digital	89,000 clientes institucionales
Descargas de investigación mensuales promedio	126,000

Nomura Holdings, Inc. (RMN) - Modelo de negocios: segmentos de clientes

Inversores institucionales

Nomura atiende a inversores institucionales con las siguientes características clave:

Total de clientes institucionales	Más de 1.500 instituciones financieras globales
Gestión de activos	¥ 63.7 billones en activos bajo administración (2023)
Alcance geográfico	Clientes en Japón, Asia, Europa y América del Norte

Individuos de alto nivel de red

El segmento de cliente de alto patrimonio de Nomura incluye:

• Clientes de gestión de patrimonio con activos invertibles por encima de ¥ 100 millones
• Aproximadamente 300,000 clientes individuales de alto patrimonio en Japón en Japón
• Valor de cartera promedio de ¥ 250 millones por cliente

Clientes corporativos

Total de clientes corporativos	Más de 5,000 entidades corporativas
Ingresos bancarios corporativos	¥ 387 mil millones en 2023
Industrias atendidas	Tecnología, fabricación, servicios financieros, atención médica

Entidades gubernamentales y del sector público

El segmento de clientes del gobierno de Nomura incluye:

• Servicios de suscripción de bonos del gobierno japonés
• Gestión de fondos de pensiones públicas
• Servicios de asesoramiento para gobiernos municipales

Instituciones financieras internacionales

Base de clientes internacionales	Más de 500 instituciones financieras internacionales
Oficinas globales	30 ubicaciones internacionales
Volumen de transacción transfronterizo	¥ 2.3 billones en 2023

Nomura Holdings, Inc. (RMN) - Modelo de negocio: Estructura de costos

Inversiones de infraestructura tecnológica

A partir del año fiscal 2023, Nomura Holdings invirtió ¥ 110.5 mil millones en tecnología e infraestructura digital. Desglose de gastos de tecnología clave:

Categoría de tecnología	Monto de inversión (¥ mil millones)
Transformación digital	42.3
Sistemas de ciberseguridad	23.7
Infraestructura de computación en la nube	33.5
Plataformas de análisis de datos	11.0

Compensación de empleados y adquisición de talento

Los gastos totales de personal para Nomura Holdings en el año fiscal 2023 fueron ¥ 451.2 mil millones.

• Compensación promedio por empleado: ¥ 15.3 millones
• Número total de empleados: 29,500
• Costos de reclutamiento y capacitación: ¥ 8.7 mil millones

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para Nomura Holdings en 2023 totalizaron ¥ 67.5 mil millones.

Área de cumplimiento	Gasto (¥ mil millones)
Aviso legal y regulatorio	24.6
Sistemas de gestión de cumplimiento	18.3
Auditoría y verificación externa	14.2
Capacitación regulatoria	10.4

Costos de marketing y adquisición de clientes

El gasto de marketing para Nomura Holdings en el año fiscal 2023 fue de ¥ 36.8 mil millones.

• Marketing digital: ¥ 14.2 mil millones
• Publicidad tradicional: ¥ 9.6 mil millones
• Gestión de la relación con el cliente: ¥ 13.0 mil millones

Gastos de investigación y desarrollo

La inversión en I + D para Nomura Holdings en 2023 ascendió a ¥ 22.4 mil millones.

Área de enfoque de I + D	Inversión (¥ mil millones)
Tecnología financiera	9.7
Sistemas de comercio algorítmico	6.3
AI y aprendizaje automático	4.2
Investigación de blockchain	2.2

Nomura Holdings, Inc. (RMN) - Modelo de negocios: flujos de ingresos

Tarifas de banca de inversión

Para el año fiscal que finaliza el 31 de marzo de 2023, el segmento mayorista de Nomura generó tarifas de banca de inversión de ¥ 228.9 mil millones ($ 1.7 mil millones).

Categoría de ingresos	Cantidad (¥ mil millones)
Suscripción	87.4
Fusiones & Aviso de adquisiciones	65.3
Mercados de capital de deuda	76.2

Comisiones comerciales

Los ingresos comerciales para Nomura en el año fiscal 2023 totalizaron ¥ 343.5 mil millones.

• Comercio de capital: ¥ 124.6 mil millones
• Comercio de renta fija: ¥ 218.9 mil millones

Ingresos de gestión de activos

Los ingresos del segmento de gestión de activos alcanzaron ¥ 146.7 mil millones en el año fiscal 2023.

Servicio de gestión de activos	Ingresos (¥ mil millones)
Gestión de activos minoristas	82.3
Gestión de activos institucionales	64.4

Cargos de servicio de asesoramiento

Los ingresos por el servicio de asesoramiento ascendieron a ¥ 56.2 mil millones en el año fiscal 2023.

Ingresos por intereses de productos financieros

Los ingresos por intereses para Nomura en el año fiscal 2023 fueron de ¥ 279.6 mil millones.

Fuente de ingresos por intereses	Cantidad (¥ mil millones)
Préstamos	124.5
Inversiones de valores	155.1

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Value Propositions

You're looking at the core promises Nomura Holdings, Inc. makes to its clients and the market, grounded in their late 2025 financial structure. It's about stability through fees and leveraging market activity.

Comprehensive wealth management and asset formation services.

Nomura Holdings, Inc. focuses on growing assets under management to secure management fees, which is the foundation of their recurring revenue push. The Wealth Management division reported net revenue of ¥116.5 billion in the second quarter of fiscal year 2025/26, a 4% increase year-on-year (YoY). This is supported by a long track record of inflows; recurring revenue assets reached a record high in the second quarter of fiscal year 2025/26, following 14 consecutive quarters of net inflows into these assets.

• Recurring revenue assets reached ¥26.2 trillion in the first half of fiscal year 2025/26.
• The recurring revenue cost coverage ratio stood at 70% in the second quarter of fiscal year 2025/26.
• For the full fiscal year ended March 31, 2025, Wealth Management pretax income was the best in 11 years.

Global access to capital markets and liquidity for institutional clients.

The Wholesale division provides institutional clients access to global markets, capitalizing on market dynamics. For the first half of fiscal year 2025/26, Wholesale pretax income jumped 43% year-on-year to ¥95.0 billion. Volatility, such as that following U.S. tariff announcements, widened margins in equity and foreign exchange trading, boosting revenue trends in the markets unit.

Metric	Period Ending March 31, 2025 (FY2024/25)	Period Ending September 30, 2025 (H1 FY2025/26)
Wholesale Net Revenue	¥1,057.9 billion (up 22.1% YoY)	¥1,038.8 billion (Total Group Net Revenue)
Wholesale Pretax Income	¥166.3 billion (Tripled YoY)	¥95.0 billion (up 43% YoY)
Global Markets Equity Net Revenue	Not specified	All-time high in Q2 FY2025/26

Specialized Investment Banking expertise in Japan and Asia.

Nomura Holdings, Inc. maintains a strong position in M&A activities, particularly in Japan. The Wholesale division's Investment Banking unit saw strong momentum in Japan. For the full fiscal year ended March 31, 2025, Wholesale pretax income reached its best performance in 15 years, supported by cross-border M&A activity. In the second quarter of fiscal year 2025/26, Investment Banking net revenue increased 15% quarter-on-quarter.

Diversified asset management products, including private markets via the Macquarie deal.

The Investment Management division is expanding its product shelf globally. Assets under management (AuM) reached an all-time high of over 100 trillion yen in the second quarter of fiscal year 2025/26. This diversification includes expansion into private markets through a significant acquisition. Nomura Holdings, Inc. announced the acquisition of Macquarie Group's U.S. and European public asset management operations for US$1.8 billion in cash.

• Investment Management pretax income for FY2024/25 was the highest since the division was established in April 2021.
• Investment Management AuM was ¥89.3 trillion as of March 31, 2025.

Alignment of interests through recurring revenue-based model.

The focus on recurring revenue ensures Nomura Holdings, Inc.'s interests are tied to client asset growth. For the fiscal year ended March 31, 2025, recurring revenue accounted for 44% of Group net revenue, amounting to ¥451.5 billion. The firm has a stated long-term goal to increase recurring revenue assets to over ¥37 trillion and raise the recurring revenue cost coverage ratio to over 80% by fiscal year 2030/31. The overall Return on Equity (ROE) for the fiscal year ended March 31, 2025, was 10%.

Finance: draft 13-week cash view by Friday.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Customer Relationships

You're looking at how Nomura Holdings, Inc. keeps its clients engaged and growing their assets in late 2025. It's a mix of high-touch personal service and serious digital scale, which is key for a firm navigating the shift toward recurring revenue.

Dedicated Sales Partners for face-to-face consulting.

Nomura Holdings, Inc. has been actively evolving its service structure by integrating digital tools with its human capital. The firm significantly increased the number of Sales Partners offering face-to-face consulting services back in fiscal year 2023/24 to meet shifting client needs. This isn't just about having more people; it's about making those interactions count. The strategy focuses on a client-centric service delivery framework where Sales Partners are paired with digital tools to boost their productivity and deepen client contact. This synergy is designed to enhance client convenience while driving growth in client assets, especially recurring revenue assets.

Long-term, trust-based relationship management for HNWI.

Building deep, lasting relationships is central to the Wealth Management division's strategy, particularly as they target a dominant brand position in the High-Net-Worth Individuals (HNWI) market. They are also focusing on 'emerging wealth' clients through their Workplace business. To be clear on who they mean, Nomura Holdings, Inc. classifies clients based on net financial assets:

• HNWI: those with net financial assets of 100 million yen or more but less than 500 million yen.
• Ultra-high-net-worth individuals: those with net financial assets of 500 million yen or more.

The firm is expanding its reach to these emerging clients by leveraging corporate relationships. The number of workplace service accounts, which include ESOP, corporate DC, and workplace NISA, reached 3.88 million as of the end of March 2025. That's a lot of future potential clients they are touching now.

Digital engagement via the NOMURA asset management app.

Digital tools are not replacing the human touch; they are augmenting it. The NOMURA asset management app is a prime example of this integrated approach. As of June 2025, the app had reached 1.78 million downloads, showing steady growth in digital client engagement. This app lets clients check their asset status and market information on their own timing, all while still receiving services from their partners. The impact on revenue quality is clear: in accounts where the app was used during fiscal year 2024/25, net inflows of recurring revenue assets were about five times larger than in accounts with no app usage records. That's a massive lift in the quality of inflows.

You can see the quantitative relationship focus points here:

Metric	Value/Target	Date/Period	Source of Relationship
NOMURA App Downloads	1.78 million	June 2025	Digital Engagement
Workplace Service Accounts	3.88 million	March 2025	Emerging Wealth/Corporate Link
Recurring Revenue Asset Inflows (App Users vs. Non-Users)	Five times larger	FY2024/25	Digital Augmentation
Assets Under Management (Asset Management Group)	$646 billion	June 30, 2025	Institutional & Individual Scale

Integrated global approach for corporate and sponsor clients.

For institutional and corporate clients, Nomura Holdings, Inc. leverages its global footprint. Nomura Asset Management Group reported total Assets under management of $646 billion as of June 30, 2025. This scale allows them to serve a broad international client base, including leading public and corporate pension funds, central banks, and endowments across Europe, the Americas, and the Pacific Basin. Furthermore, Nomura Holding America Inc. strengthened its integrated offering by completing the acquisition of Macquarie Asset Management's US and European public investments business on December 1, 2025. This move bolsters their ability to provide integrated public and private market asset management services globally.

Proactive monitoring and compliance for client activities.

For asset management clients, Nomura Asset Management treats engagement as a core stewardship responsibility, which inherently involves monitoring and ensuring good governance. The firm restructured its Engagement Department into the Sustainable Investment Strategy Department in 2025. This team has generally set engagement goals for more than 350 key target companies over the past three years. They focus on constructive dialogue to promote sustainable growth and value creation, which is a form of proactive monitoring tied to investment performance and compliance with responsible investment policies. They are actively expanding this dialogue to include approximately 50 small- and medium-sized enterprises (SMEs) in addition to their focus on the 'Key 300 Companies.'

Finance: draft 13-week cash view by Friday.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Channels

You're looking at how Nomura Holdings, Inc. gets its services to clients, which is a mix of old-school presence and modern digital reach. It's not just one path; it's a multi-pronged approach to cover everyone from large institutions to emerging individual investors.

The Workplace Business is a significant channel for capturing emerging wealth clients. This channel supports companies' human capital management by assisting employees with asset building through services like ESOP, corporate DC, and workplace NISA. The number of these workplace service accounts expanded to 3.88 million as of the end of March 2025.

Digital platforms are increasingly important for client engagement. The asset management app, named NOMURA, is a key digital touchpoint. As of June 2025, this app had reached 1.78 million downloads. The effectiveness of this digital channel is clear when looking at asset growth; in the accounts where the NOMURA app was used during FY2024/25, the net inflows of recurring revenue assets were about five times larger than those in accounts with no app usage records.

The firm maintains a global footprint through its subsidiaries and joint ventures, providing connectivity across various markets. Nomura Group has global connectivity spanning approximately 30 countries and regions. The total number of Group employees supporting these channels and other functions was 27,242 as of March 31, 2025.

For institutional clients, the direct sales desks remain critical. The Investment Banking division provides advisory, underwriting, risk solutions, and capital-raising services to corporate, institutions, and governments globally. The Global Markets desks facilitate trading and hedging activities across asset classes. The firm noted seeing more deal flow than ever in the recent past.

The physical network, while perhaps less emphasized than digital growth, still underpins client trust and high-touch service delivery. Sales Partners deliver more personalized and direct guidance, particularly to retired generation clients.

Here's a quick look at the scale of the client-facing metrics we have for these channels as of mid-2025:

Channel Metric	Data Point	As of Date/Period
Workplace Business Accounts	3.88 million	March 2025
NOMURA Asset Management App Downloads	1.78 million	June 2025
Global Reach (Countries/Regions)	Approximately 30	N/A
Group Employees	27,242	March 31, 2025

The digital channel shows a strong correlation with revenue asset growth, which is a key indicator of channel effectiveness. If onboarding takes 14+ days, churn risk rises, so the digital convenience definitely helps keep clients engaged.

The firm also utilizes specialized digital portals for institutional clients, such as the Nomura Bond Station for real-time bond trading for regional financial services companies in Japan, and the Nomura ProMerit Client Portal for managing reports, collateral, and funding requests.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Customer Segments

You're looking at the client base Nomura Holdings, Inc. serves across its four main operating segments: Wealth Management, Investment Management, Wholesale, and the newly established Banking segment as of late 2025.

High-Net-Worth Individuals (HNWI) in Japan and globally

The Wealth Management division focuses heavily on individual clients in Japan, offering comprehensive asset management services, detailed consulting, and brokerage spanning real estate, inheritance planning, and asset succession. Nomura Holdings, Inc. strategically increased its Sales Partners to offer more personalized, face-to-face service to this segment. Nomura defines High-Net-Worth Individuals (HNWI) as those with net financial assets of ¥100 million or more but less than ¥500 million. Ultra-high-net-worth individuals (UHNWI) are those with net financial assets of ¥500 million or more. The acquisition of Macquarie's U.S. and European public asset management business in late 2025 brought in assets from retail and institutional clients, including a specific distribution agreement for select Macquarie private funds to U.S. high-net-worth clients and family offices. The Wealth Management segment's client assets reached ¥162.3 trillion as of September 30, 2025, marking an increase of ¥18.5 trillion since March 31, 2025. This segment also reported net revenue of ¥222.3 billion for the six months ended September 30, 2025. Recurring revenue assets within Wealth Management reached ¥26.2 trillion in the first half of FY2025/26. The Banking segment, established April 1, 2025, also targets this group through private markets and bespoke products for asset building and estate planning.

Emerging Wealth clients (business professionals, corporate employees)

A key growth area is the Emerging Wealth segment, which includes employees of listed companies who have the potential to become HNWI. Nomura Holdings, Inc. expands this base by leveraging corporate relationships through its Workplace business, which supports human capital management and employee asset building. The number of workplace service accounts, covering ESOP, corporate DC, and workplace NISA, expanded to 3.88 million as of the end of March 2025. Digital engagement is also a focus; the asset management app, Nomura, reached 1.78 million downloads as of June 2025, allowing clients to manage assets digitally.

Institutional Investors (pension funds, endowments, sovereign wealth)

The Investment Management division primarily serves institutional investors by providing various investment management services and solutions. This includes establishing and managing investment trusts, discretionary investment services for overseas investors, and management for investment vehicles and funds for institutional investors. Assets under management (AuM) for the Investment Management division stood at ¥101.2 trillion as of September 30, 2025, an increase of ¥11.9 trillion from March 31, 2025. The net revenue for the Investment Management division for the six months ended September 30, 2025, was ¥111.4 billion. The acquisition of Macquarie's asset management entities in late 2025 added approximately USD 166 billion in institutional client assets across equities, fixed income, and multi-asset strategies to the global Nomura Asset Management brand. The Investment Management division reported its best pretax income since its establishment in April 2021 for the full year ended March 31, 2025. This division's AuM was ¥89.3 trillion as of March 31, 2025.

Here are key metrics related to client assets under management as of late 2025:

Metric	Value (as of Sep 30, 2025)	Value (as of Mar 31, 2025)	Segment
Wealth Management Client Assets	¥162.3 trillion	N/A	Wealth Management
Assets Under Management (AuM)	¥101.2 trillion	¥89.3 trillion	Investment Management
Acquired Assets from Macquarie (Retail & Institutional)	Approx. USD 166 billion (as of Oct 31, 2025)	N/A	Nomura Asset Management International
Recurring Revenue Assets	¥26.2 trillion (H1 FY2025/26)	¥18.2 trillion (FY2020/21)	Wealth Management

Corporate and Sovereign clients seeking financing and advisory

The Wholesale segment handles investment banking services, which include the underwriting and distribution of debt and equity securities, as well as mergers and acquisitions (M&A) and financial advisory for corporate and sovereign clients globally. The Wholesale segment booked net revenue of ¥540.3 billion for the six months ended September 30, 2025, with income before income taxes increasing by 43.1% to ¥95.0 billion over the same period last year. For the full year ended March 31, 2025, Wholesale pretax income was at a 15-year high. The firm services the needs of corporates and governments through this division.

Financial institutions and broker-dealers

The Wholesale segment also engages in the sales and trading of debt and equity securities, foreign exchange contracts, and derivatives globally, serving financial institutions and broker-dealers. For the six months ended September 30, 2025, Wholesale net revenue was ¥540.3 billion. The segment saw diversification in revenue sources, with Spread Products like Securitized Products and Credit performing strongly, alongside robust equities trading. Nomura Holdings, Inc. reported total net revenue of ¥1,038.8 billion for the six months ended September 30, 2025, with Wholesale contributing ¥540.3 billion of that total.

The Wealth Management division also offers services to regional financial institutions. The firm has over 104 Branches Nationwide as of April 1, 2025, supporting its client service network.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Cost Structure

You're looking at the expense side of Nomura Holdings, Inc.'s operations as of late 2025. The cost structure is dominated by the people who run the business and the technology that supports global trading and client service.

The total non-interest expenses for Nomura Holdings, Inc. for the full fiscal year 2025 (ended March 31, 2025) reached 1,420.5 billion yen. This represented a 10.3% increase from the prior fiscal year. For the first half of fiscal year 2025 (ended September 30, 2025), non-interest expenses were 741.9 billion yen, up 5.7% year-over-year, showing continued cost growth in the first half of the current period. That's a lot of yen going out the door before considering the cost of funding operations.

Significant personnel and compensation expenses are the largest driver of these costs. As of September 30, 2025, Nomura Holdings, Inc. had a global headcount of 27,876 employees. For the year ended March 31, 2025, compensation for the seven executive officers totaled ¥4.6 billion ($32 million), with cash bonuses for this group rising 88% to ¥2.3 billion, reflecting the record profit posted that year. Compensation and benefits generally increased year-on-year for the six months ended September 30, 2025, due to higher bonus provisions aligned with performance. It's clear that retaining top talent in global finance is a major, variable cost.

The overall non-interest expenses are composed of several key buckets, including personnel costs, occupancy, technology, and professional fees. While a precise breakdown of the 1,420.5 billion yen is not fully itemized in the latest public disclosures for the full year, segment-level data gives you a sense of scale for operational spending. For instance, the Wholesale Division's non-interest expenses for the six months ended September 30, 2025, were 445.2 billion yen. The Wealth Management Division reported non-interest expenses of 280.7 billion yen for the full FY2025.

You can see how these major components stack up against the total for the most recent reported half-year period:

Cost Component/Segment	Amount (Billions of Yen)	Period
Total Non-Interest Expenses	741.9	6 Months Ended Sep 30, 2025
Wholesale Division Non-Interest Expenses	445.2	6 Months Ended Sep 30, 2025
Investment Management Non-Interest Expenses	59.2	6 Months Ended Sep 30, 2025
Wealth Management Non-Interest Expenses	280.7	Full FY Ended Mar 31, 2025

Technology and data infrastructure costs are an embedded, non-trivial expense. Nomura Holdings, Inc. explicitly notes risks associated with system failure, information leakage, and the cost of maintaining sufficient cybersecurity in its 2025 filings. These technology investments are necessary to support global trading platforms and manage the massive data flows inherent in investment banking and asset management.

Regulatory compliance and legal costs represent another significant, non-discretionary expenditure. Nomura Holdings, Inc.'s business is subject to extensive regulation across multiple jurisdictions, which limits activities and can lead to significant penalties. The firm has faced administrative monetary penalties and must invest heavily in anti-money laundering and counter-terrorism financing measures. These compliance costs are ongoing and essential to maintaining operating licenses.

Finally, occupancy and administrative costs for global offices are a constant drain on the cost base. With operations spanning Japan, the Americas, Europe, and Asia and Oceania, maintaining physical footprints for thousands of employees across key financial centers is substantial. These costs are part of the general administrative overhead that underpins the global structure of Nomura Holdings, Inc.

• Total Non-Interest Expenses (FY2025): 1,420.5 billion yen.
• Executive Officer Compensation (FY2025): ¥4.6 billion.
• Global Headcount (Sep 30, 2025): 27,876.
• Non-interest expenses include personnel, occupancy, technology, and professional fees.
• Regulatory and compliance investment is a mandatory, ongoing cost.

Finance: review Q3 2025 segment expense ratios against H1 2025 run-rate by next Tuesday.

Nomura Holdings, Inc. (NMR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Nomura Holdings, Inc. brings in money, which is key to understanding its stability. Honestly, for a financial giant like Nomura Holdings, Inc., the revenue mix shows a clear push toward more predictable, fee-based income, even as market activity still drives big swings.

For the fiscal year ended March 31, 2025, Nomura Holdings, Inc. reported a total Net Revenue of 1,892.5 billion yen. This was a solid jump, up 21.2 percent from the prior year, showing the strategy is gaining traction. Still, a significant portion of that revenue is tied directly to market performance, which you always have to watch.

The revenue streams are diverse, coming from its main operating segments. Here's a quick look at the major components contributing to that top-line number for FY2025, based on the U.S. GAAP consolidated operating results:

Revenue Component (Proxy)	Amount (Millions of Yen)	Amount (Billions of Yen)
Interest and dividends	2,927,861	2,927.86
Net gain on trading	580,099	580.10
Commissions	407,011	407.01
Asset management and portfolio service fees	378,196	378.20
Fees from investment banking	212,234	212.23

That table shows you where the money is coming from. Notice how Interest and dividends is the largest line item, but that's heavily offset by interest expense, which was 2,844,258 million yen for the same period. The real story for stability is in the fee-based revenue.

Recurring management fees from Wealth and Investment Management are central to Nomura Holdings, Inc.'s goal of stable earnings. You see this clearly in the Asset management and portfolio service fees line, which hit 378,196 million yen in FY2025. The Wealth Management division specifically saw its recurring revenue grow by 30 percent year-on-year for FY2025, which is defintely a positive sign for predictable cash flow.

Commissions and brokerage revenue from trading activities are still a major driver, especially when markets are active. Total Commissions for FY2025 reached 407,011 million yen. This revenue is generated across the business, including client transaction fees from the Wholesale segment and brokerage activities within Wealth Management.

Investment Banking fees, covering underwriting and M&A advisory, showed strong growth, reflecting successful capital markets activity. Fees from investment banking totaled 212,234 million yen in FY2025, a significant increase of 22.5 percent year-over-year.

The final major component involves net interest income and investment gains/losses, which are inherently volatile. This is captured by the Net gain on trading figure of 580,099 million yen for the full year. Furthermore, the introduction of the Banking segment starting April 2025 adds incremental lending and trust revenue to the mix, diversifying the non-trading income base slightly.

To summarize the fee-based revenue focus, you can look at the key recurring and advisory streams:

• Asset management and portfolio service fees: 378,196 million yen.
• Fees from investment banking: 212,234 million yen.
• Commissions: 407,011 million yen.
• Wealth Management recurring revenue growth (YoY FY2025): 30 percent.

Finance: draft 13-week cash view by Friday.