Nomura Holdings' (TYO:8604) $1.8 billion acquisition of Macquarie Group's (ASX:MQG) US and European asset management businesses does not impact the Japanese company's ratings, Fitch Ratings said in a Tuesday release.
The move strategically supports Nomura's aim to boost stable, fee-based revenue and improve its asset management abilities, which should balance its volatile wholesale business, Fitch said.
Although the goodwill and intangible assets from the acquisition may negatively affect Nomura's common equity tier one ratio, Fitch expects its capitalization to remain sufficient relative to its risk profile.
Integration risks also loom for Nomura given its mixed history in terms of executing mergers and acquisitions, Fitch said.
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