New York Times – Nomura Holdings, Japan’s biggest securities firm, will buy a 15 percent stake in the Fortress Investment Group, a United States hedge fund and private equity manager with $26 billion under management.
Nomura will pay $888 million for the share of Fortress, valuing the firm at almost $6 billion. A link to Nomura, which is based in Tokyo, would enable Fortress to sell hedge funds and other products in Asia, the firms said in a statement.
Nobuyuki Koga, Nomura’s chief executive, has been seeking ways to cut his firm’s reliance on domestic stock trading, which produces 30 percent of revenue, while expanding globally to compete with Goldman Sachs and Morgan Stanley. Last month, Nomura agreed to buy the American electronic brokerage firm Instinet to gain access to 700 hedge fund clients.
