Nomura to Invest One B. Dlrs in U.S. Firm

Tokyo, Dec. 21 (Jiji Press)--Major Japanese brokerage group Nomura Holdings Inc. <8604> said Monday it will invest one billion dollars in U.S. asset management company American Century Investments. Nomura also agreed on strategic alliance with American Century Investments, based in Kansas City, Missouri. Nomura hopes to strengthen its asset management operations in Japan, the United States and elsewhere by using the U.S. company's network and know-how, sources said. "The strength of Nomura's asset management business in Asia complements American Century's success in North America," Jonathan Thomas, president of the U.S. firm, said in a statement. Nomura, through a wholly owned subsidiary, will buy a 41 pct equity stake in American Century Investments from Canadian Imperial Bank of Commerce. In terms of voting rights, the Japanese group will obtain 10.1 pct interest. Two Nomura representatives will be named to American Century Investments' 11-member board. The deal is expected to close in the first half of 2016 pending approval by regulatory authorities. Founded in 1958, American Century Investments offers individual and institutional investors long-term asset management services. As of the end of April this year, it had some 150 billion dollars of assets under management. Nomura's overseas operations have been suffering from losses due chiefly to bulging personnel costs after the acquisition of the European and Asian businesses of U.S. investment bank Lehman Brothers, which collapsed in 2008. END