Macquarie Group's (ASX:MQG) Macquarie Asset Management (MAM) will sell its North American and European public investments business to Japanese financial services group Nomura for AU$2.8 billion in cash, according to a Tuesday statement by the company.

The deal includes equities, fixed income, and multi-asset strategies with AU$285 billion in assets under management, the company said.

Nomura will acquire all assets, staff, and infrastructure, with the business to remain under current leadership, the company added.

The transaction is subject to regulatory approvals and is expected to close by the end of the year.

MAM will retain its public investments business in Australia, and the two firms will also collaborate on product and distribution opportunities.