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Nomura Holdings Inc.’s decadeslong efforts to build a wealth management business in Japan are paying off.

The nation’s biggest brokerage has been gradually diversifying away from trading stocks for retail clients toward managing money for well-to-do customers. That has helped generate more stable fee income, with recurring revenue from investment and other services climbing to a record last quarter and likely to keep rising, according to retail business head Satoshi Arai.

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