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October 30, 2015updated 04 Apr 2017 1:34pm

Nomura’s asset management arm reports 15% dip in Q2 revenues

Nomura's asset management business has reported net revenues of JPY22.9bn for the second quarter of fiscal year ending 31 March 2016, down 15% compared the year ago quarter.

By Verdict Staff

Nomura’s asset management business has reported net revenues of JPY22.9bn for the second quarter of fiscal year ending 31 March 2016, down 15% compared the year ago quarter.

The unit’s income before income taxes fell by 28% for the quarter to JPY8.4bn. Assets under management stood at JPY40 trillion.

The group’s investment trust business reported ongoing inflows into ETFs, Japan stock funds, products for discretionary investments, and privately placed investment trusts for regional financial institutions.

Additionally, Nomura’s investment advisory business has been awarded a mandate from a Japanese public pension fund to manage foreign bonds.

Overall, Nomura’s net revenue for the second quarter of fiscal year 2016 was JPY336.6bn ((US$2.8bn), a decreased of 21% from the year ago period.

For the second quarter, the group’s income before income taxes decreased 73% compared to the second quarter of 2014 to JPY19.9bn (US$166m) and net income attributable to Nomura Holdings shareholders decreased 32% quarter on quarter to JPY46.6bn.

Nomura Group CEO Koji Nagai said: "We saw a slowdown in the second quarter with our earnings impacted by challenging market conditions and a settlement to resolve legal proceedings. However, for the six months to September, revenues and income increased year on year across all businesses, highlighting the progress we have made to improve profitability.

"Asset Management revenues declined as assets under management slipped due to market factors, but inflows into ETFs and investment trusts remained solid."

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