Chris Willcox

The deal, valued at an all-cash purchase price of $1.8 billion, is expected to close by the end of 2025, subject to customary closing conditions and regulatory approvals, and will see Nomura acquiring Macquarie’s three “Target Companies” in a 100% stock purchase transaction. 

Through the move, Nomura will gain $180 billion in retail and institutional client assets across equities, fixed income and multi-asset strategies. 

Similarly, the deal aligns with the Japanese company’s aim to expand its global asset management, and Nomura’s investment management franchise’s total assets under management are expected to increase to approximately $770 billion upon completion of the deal, with more than 35% being managed on behalf of clients outside of Japan.  

Kentaro Okuda, Nomura president and Group chief executive said: “This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses.  

“It will be transformational for our investment management division’s presence outside of Japan, adding significant scale in the US, strengthening our platform, and providing opportunities to build our public and private capabilities.” 

More than 700 Macquarie employees are set to join the Nomura Group. Several senior individuals are set to stay in their existing roles including resident of the Macquarie Funds and head of Americas for Macquarie Group, Shawn Lytle, chief information officer for equities and multi-asset, John Pickard, fixed income chief information officer, Greg Gizzi and Milissa Hutchinson, head of US wealth.  

Chris Willcox, Nomura’s chairman of the investment management division added: “This transaction will accelerate the expansion of our global investment management business and will be a significant step in building a truly global franchise with a comprehensive set of solutions to serve investors worldwide.” 

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Sandeep Sahai

The deal, which was announced in January 2025 and is valued at approximately $1.5 billion, is set to provide the first single-instance, multi-tenant, cloud-native front-to-back platform for the entire investment management industry. 

The company has said that the acquisition will create a modern platform designed to drive faster decision-making and operational clarity by integrating Enfusion’s portfolio and order management, IBOR, risk, accounting and client reporting into one solution.  

“By combining Enfusion’s strong front-office capabilities with our established middle and back-office solutions, we are accelerating our journey towards a fully integrated, cloud-native front-to-back investment management platform,” said Sandeep Sahai, chief executive of Clearwater Analytics.  

“This combination will eliminate costly data handoffs and inefficiencies stemming from fragmented workflows, empowering our clients to make faster, data-driven decisions with complete confidence in their data.” 

The firm has also said that the deal will address common challenges facing institutional investors, such as complexity across portfolios, geographies and asset classes and reliance on outdated systems. 

A key focus of the acquisition is front-to-back leadership. Integration of Enfusion’s front office capabilities with Clearwater’s middle- and back-office solutions is expected to excel expansion of Clearwater’s Total Addressable Market, 66% of which stems from the asset management industry.   

Moreover, Clearwater has highlighted the opportunities for international growth offered by the deal, including serving new clients from global hubs such as Boise, New York, Edinburgh and New Delhi. 

 “The operational benefits are immediate: no batch processing, no manual reconciliation, and no duplication of data,” said Neal Pawar, President, head of asset management at Clearwater Analytics and former chief operating officer at Enfusion.  

“Clients now have a shared, live view of their portfolios and operations—enabling faster execution, stronger risk oversight, and a platform that evolves with them. This is the new foundation for institutional investment technology and operations.” 

Acquisitions have been a clear focus for Clearwater in recent years, and in April 2024, the firm announced that it had closed a transaction with Wilshire Advisors’ risk analytics platforms for $40 million. 

Read more – Clearwater picks up Wilshire Advisors’ risk analytics platforms for $40 million 

Similarly, it recently acquired Blackstone’s BISTRO platform to add deep analytics and data infrastructure for private and structured credit markets and announced its intent to acquire enterprise risk analytics and technology infrastructure provider, Beacon.  

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Gerry Corcoran

The merger is expected to be completed in Q3 2025 and marks an important step for StoneX as it seeks to provide greater access to liquidity in fixed income markets.  

StoneX is set to add over 75,000 of RJO’s client accounts following the acquisition, including brokers, commercial and institutional clients and individual investors, who will be given access to a wide range of markets, products and services such as StoneX’s over the counter (OTC) hedging platform.  

The move is also set to expand StoneX’s client float by almost $6 billion, with clear listed derivatives volume projected to increase by 190 million contracts annually. 

Chief executive and chairman of RJO, Gerry Corcoran, will continue in a senior leadership role with StoneX as part of the acquisition. 

“In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities,” said Corcoran. 

“At the same time, our organisation will benefit from new efficiencies, premier technologies, and greater growth potential.” 

StoneX’s merger with RJO follows recent acquisitions of investment banking firm, The Benchmark Company and Paris-based fixed income brokerage firm, Octo Finances earlier this year.  

Read more: StoneX adds investment banking capabilities with acquisition of The Benchmark Company 

Sean O’Connor, executive vice-chair of StoneX, said: “This is a transformational transaction for StoneX, establishing us as a leading global derivatives clearing firm and reinforcing our position as an integral part of the global market structure across asset classes. 

“Combining RJ O’Brien’s extensive client network and proven clearing capabilities with StoneX’s deep liquidity, innovative OTC hedging solutions, and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access, and industry-leading trading solutions to our combined client base.” 

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The deal is valued at $3.1 billion and is set to be divided evenly between S&P Global and CME Group as each hold a 50% interest. The acquisition is subject to customary purchase price adjustments. 

KKR confirmed that its focus is on increasing OSTTRA’s investments in technology and innovation across its post-trade solutions platform. 

Deal is expected to close in H2 2025, subject to closing conditions and regulatory approval.

“We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” said Webster Chua, partner at KKR.

“We look forward to working with the OSTTRA team and leveraging our experience in the tech-enabled and financial services sectors to help the company further innovate and drive value for its customers.”

Read more: Fireside Friday with… CME Group’s Serge Marston

OSTTRA was established in 2021 – a joint venture between CME Group and S&P Global. The firm offers post-trade services across: interest rates, FX, credit and equity asset classes. 

Clients include banks, broker-dealers, asset managers, and other market participants.

Upon completion of the deal, current co-CEOs Guy Rowcliffe and John Stewart will remain at OSTTRA and continue to lead the company.

Terry Duffy, CME group chair and chief executive, said: “OSTTRA has generated significant growth over the past several years, and we are pleased with the role our joint venture played in driving the company forward. Looking ahead, as the post-trade marketplace continues to evolve, we are confident that KKR will further scale this business and extend the important efficiencies that OSTTRA delivers to clients.”

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Brad Garlinghouse

The transaction is expected to close in the coming months and is subject to regulatory approvals.

Through the move, Ripple has become the first crypto business to own and operate a global multi-asset prime broker.

The acquisition marks one of the largest in the digital assets world, with Ripple is set to “inject billions of dollars of capital” as it looks to scale Hidden Road to “satisfy demand” for the firm’s brokerage, clearing and financing platform.

Specifically, Hidden Road’s offering is focused on a one-stop-shop service across FX, digital assets, derivatives, swaps, and fixed income. 

“We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, chief executive of Ripple.

“With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology.”

Addressing the motivation behind the move, the businesses flagged the importance of the digital assets space having the right core infrastructure in place in order to achieve the next phase of growth – that is to say, for institutional adoption.

Ripple pointed to the fact that brokers “bring the necessary credibility and professional trading services expected in legacy finance to digital assets,” working to bridge traditional and decentralised finance.

Read more: Digital assets and traditional finance: Can two parallel lanes converge?

Following the acquisition, Hidden Road is set to migrate its post-trade activity across XRPL. In addition, Ripple will offer its cross-border payments solution, Ripple Payments, and provide custody services to Hidden Road’s customers.

Marc Asch, founder and chief executive of Hidden Road, explained: “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes. 

“Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets — designed and optimised for a digital world.” 

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Thomas Gallagher, MIH

The move will see MIH acquire the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings. 

The cash consideration for the acquisition, namely £22.50 per TISE ordinary share, values the entire issued and to be issued ordinary share capital of TISE at an estimated £70.4 million. 

This represents roughly £66.4 million net of proceeds received from the expected exercise of options subsisting under the TISE Share Plans, the firms added.  

At present, MIH East Holdings owns 29.46% of the issued ordinary share capital in TISE. 

“The acquisition of TISE represents an attractive international expansion opportunity for MIH, allowing us to further execute on our strategy of operating regulated financial markets both in the US and internationally,” said Thomas Gallagher, chairman and chief executive at MIH.  

“We are committed to growing our international business and believe that investing additional resources in TISE will help expand its reach and capabilities.”  

Read more: Miami International Holdings and BSX unveil new trading and settlement platform 

Guernsey-headquartered TISE provides financial markets and securities services to public and private companies.   

Last year, TISE reported having over 4,400 securities on its official list, amounting to a total market value of over £750 billion.   

“This offer is a testament to the significant progress we have made in executing our strategy to grow and diversify the business, as well as an endorsement of Guernsey as a leading international finance centre,” said Anderson Whamond, chair of TISE.  

“The recommended cash acquisition recognises the strength of the business and enables our shareholders to realise the value of their investment.” 

TISE’s board of directors added that they intend to unanimously recommend the acquisition, which is subject to the approval of the requisite majority of TISE ordinary shareholders, as well as other regulatory approvals. 

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The strategic acquisition will also provide enhancements in equity research and investment banking.  

The Benchmark Company is a full-service investment banking firm which offers a sales and trading platform, equity research, and an investment banking team.   

Jacob Rappaport, global head of equities at StoneX, said: “The acquisition of Benchmark establishes a franchise-level equity research and investment banking platform at StoneX, significantly elevating our equities capabilities. This strategic move strengthens our ability to deliver deep market insights, superior execution, and comprehensive solutions to institutional and commercial clients in global capital markets.” 

StoneX’s acquisition of Benchmark follows the recent completion of its acquisition of Paris-based fixed income brokerage firm, Octo Finances, set to bolster its presence in the asset class.  

Read more: StoneX picks up fixed income brokerage Octo Finances 

Anthony Di Ciollo, global head of fixed income at StoneX, noted that the addition of Benchmark’s research and expertise will enhance its expanding debt capital markets offering.  

“This partnership will leverage our extensive global fixed income distribution network and drive mutual success, delivering even greater value to our clients worldwide,” he added.  

The firms confirmed that Richard Messina, founder and chief executive of Benchmark, will continue in his role and lead the division within StoneX. 

Completion of the transaction is subject to regulatory approval and customary closing conditions. 

“By integrating StoneX’s exceptional capabilities and global reach, we can amplify our legacy platform and drive significant value for our clients,” said Messina.  

“This marks an exciting new chapter of growth for Benchmark, with a shared commitment to accelerating StoneX’s impressive growth trajectory.” 

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Founded in 2020, the platform offers financial solutions to high-growth small and medium-sized enterprises (SMEs) and private equity managers across Europe.  

The acquisition comes as part of the bank’s growth strategy in alternative asset management, promoting private debt and funds of funds verticals. 

Tresmares has offices in Madrid and London and has strategic international expansion plans, including the opening of a new office in Germany this year and another in Poland next year. 

In the next five years, the platform is seeking to reach more than €8 billion in investment commitments, with a focus on the growth of institutional funds.   

In addition, Tresmares will launch new divisions of funds of funds and fund financing this year. 

Tresmares Capital will remain independently managed and its current chief executive, Borja Oyarzábal, will continue to lead the project.   

“Santander’s confidence in the project is proof of the success of Tresmares’ culture, which lies in both human capital and in management tools and technology, which are the foundations of our business,” said Oyarzábal. 

With this acquisition, Santander emphasises its commitment to growth in the alternative asset sector.   

M&A flurry continues 

This year has seen significant M&A activity across the industry, particularly within the asset management space. Most recently, Kepler Cheuvreux and Unigestion entered into a strategic partnership to launch a joint public equities asset management company.  

Named Kepler Cheuvreux Unigestion Equities, the new entity will focus on quantitative strategies and will manage over €3 billion in assets, subject to regulatory approvals. 

Read more: Kepler Cheuvreux and Unigestion unveil joint €3 billion asset management plans 

Elsewhere, Assicurazioni Generali and BPCE signed a Memorandum of Understanding in January, enabling them to become the largest asset manager in Europe by revenue, with more than €1.9 trillion assets under management.   

The joint venture will see the two firms combine their respective asset management operations: Generali Investments Holdings and Natixis Investment Managers. 

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Bernard Sabrier

The new entity, named Kepler Cheuvreux Unigestion Equities, is set to focus on quantitative strategies and together will manage more than €3 billion in assets, subject to regulatory approvals. 

The first stage of integration will see Unigestion transfer the €3 billion in assets under management – specifically in the form of mandates and investment funds – and simultaneously integrate the entirety of its equities team into Kepler Cheuvreux’s operational infrastructure.

Following this, Kepler and Unigestion will create the jointly owned entity, alongside the management team, focused on accelerating the business’ development through external growth initiatives.

“Unigestion brings its quantitative and qualitative public equities expertise, enhancing Kepler Cheuvreux’s well-established research capabilities. This partnership merges fundamental and quantitative research approaches, optimising portfolio management while diversifying and expanding the range of investment strategies,” said the firms in a joint statement. 

In addition, Kepler Cheuvreux is contributing a sales force of over 130 professionals and more than 1,300 institutional clients across Europe, North America, and MENA.

The firms are also set to integrate ESG criteria into the management processes for Kepler Cheuvreux Unigestion Equities, including maintaining an “active dialogue” with portfolio companies.

Speaking about the partnership, Laurent Quirin, chair of the supervisory board at Kepler Cheuvreux and Bernard Sabrier, executive chair of Unigestion’s board, highlighted that this partnership is being driven by shared ambition to “provide institutional investors with sophisticated, innovative solutions tailored to the evolving market landscape”.

They added: “The combination of Unigestion’s quantitative expertise with Kepler Cheuvreux’s research, execution and distribution capabilities, enables us to unlock unique synergies and offer a distinctive, high-value proposition.”

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Andrew Ralich

Andrew Ralich, chief executive and co-founder of oneZero, said: “[The acquisition] underscores our commitment to delivering industry-first technology solutions, powered by data intelligence, that deliver unique value for our clients and foster loyalty with their customers. 

“Our vision for the future of capital markets – centred on customer focus and data-driven insights – dovetails perfectly with Autochartist technology and their commitment to driving retention, education and engagement through market data.”

Specifically, Autochartist’s cloud-based analytics and data engine will be integrated into oneZero’s market-leading offering. 

The deal follows on from Golden Gate Capital’s strategic investment into oneZero last November, at the time stated to be aimed at “fuelling both organic growth and strategic acquisitions”.

Read more: oneZero receives capital boost from new investor as it seeks to expand its role within the global OTC asset trading market

“Joining oneZero marks an exciting new chapter for Autochartist and our clients,” asserted Ilan Azbel, founder of Autochartist.

“Our clients will continue to benefit from the products and services they know and trust, now enhanced by oneZero’s industry-leading customer support, robust infrastructure, and extensive data resources.”

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