Macquarie Group's (ASX:MQG) deal to sell its North American and Europe public markets businesses to Japan's Nomura Holdings (TYO:8604) will allow the Australian group to concentrate on alternative asset classes with higher growth potential, Morgan Stanley said in a Tuesday note.

The deal will also allow for a strategic relationship between the two, with collaboration prospects on product and distribution as well as Nomura serving as Macquarie Asset Management's US wealth distribution partner for alternative funds, the equity research firm said.

The AU$ 2.8 billion sale price, representing 1% of assets under management, appears low compared to traditional US asset managers, but Morgan Stanley expects a strong price-to-earnings ratio of 28x for Macquarie.

The move aligns with Macquarie's closure of its North American debt capital market segment, pointing to a strategic shift toward higher return on equity growth, the research firm said.

Meanwhile, the deal will take off 1.5% from Nomura's CET1 ratio, Morgan Stanley said.

The Japanese financial holdings company will keep its financial flexibility and retain the dynamics between growth investment and shareholder returns in the medium term even with the transaction, according to the research firm.