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.
"Our recurring assets will likely grow in a way we haven’t seen in the past if we channel more of our efforts into delivering services to clients who need them,” Arai said in an interview. "The measures we’ve taken may be bearing fruit.”