Lehman Australia snapped up by Nomura
The Asian operations of Lehman Brothers have been acquired by Japan’s largest broker, Nomura Holdings.
Nomura Holdings has agreed to acquire Lehman Brothers’ businesses in the Asia-Pacific region, which includes Australia and Japan.
Under the terms of the transaction, all employees in the Asia Pacific will be offered employment with Nomura, the broker said. This would extend to approximately 100-150 Lehman Brothers Australia staff.
The deal includes all of Lehman Brothers’ franchises and approximately 3,000 employees across various locations in the Asia-Pacific region, but does not include any trading assets or trading liabilities.
Nomura said the “partnership” would enable it to strengthen its wholesale business and “further realise its strategy of delivering Asia to the world”.
Nomura Holdings president and chief executive Kenichi Watanabe said the deal will “significantly extend” the broker’s reach in Asia.
“We see immediate strategic benefits, delivering the scale and scope to realise our vision to be a world-class investment bank.”
Watanabe called the Lehman businesses “hugely successful with excellent management and staff” and the acquisition “a once-in-a-generation opportunity”.
“Our ability to capitalise on this opportunity in spite of such volatile markets reflects our financial strength and demonstrates how well we have managed the credit crisis. This deal is validation for our strategy,” Watanabe said.
The transaction is subject to a number of conditions.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
