Nomura Holdings (Representative Executive Officer: Group CEO Kentaro Okuda, hereinafter referred to as 'the Company') is working towards the advanced asset management business to contribute to the further evolution and development of Japan's asset management industry and the realization of asset management nationalism.^*
As part of this effort, we will work on the Emerging Managers Program (EMP), which aims to ensure a healthy competitive environment for the asset management business by promoting new entrants.

Efforts related to investment and commissioning for emerging investment companies

The Nomura Group conducts seed investments aimed at new investment strategies, product development, cultivation of in-house operational personnel, acquisition of operational track records, and R&D investment aimed at expanding into new areas and unexplored regions.
We aim to expand the investment targets for the development of these operational capabilities to emerging investment companies (Emerging Manager: EM), foreign investment companies newly entering Japan, existing investment companies, and collaboration in new fields with partners from different industries, and plan to make approximately 10 billion yen in new investments by the end of March 2030. Using these investments, we will leverage the comprehensive capabilities of the Nomura Group to support the business development and expansion of emerging investment companies.

Seed investments for emerging investment companies

Nomura Fiduciary Research & Consulting Co., Ltd. (NFRC), which has over 25 years of experience and a track record of fund analysis and evaluation for traditional and alternative assets, plans to implement a program aimed at seed investments for new investment companies, utilizing its abundant knowledge and experience.
In selecting seed contributors, we will make efforts to discover emerging investment companies with advanced operational capabilities through NFRC's highly experienced selection skills based on the 'Entry List,' which is a list of emerging investment companies shown in the Japanese government's 'Asset Management Nationalism Realization Plan', without simply excluding them based on their business history.

Investment in new fields through collaboration with existing investment companies and partners from different industries

The Nomura Group is targeting the sustainable growth of society and is working to create new investment opportunities by constructing a new investment chain aimed at solving social challenges.
Furthermore, we will continue to promote the following initiatives through collaboration with existing investment companies and partners from different industries.
Exploring new investment areas such as renewable energy infrastructure, agriculture, and forest resources
Development of new financial business solutions utilizing advanced technologies such as AI

Initiatives to promote new entrants to the emerging investment industry in Japan and foreign investment companies

Nomura Asset Management Co., Ltd. (NAM), a core company in the Investment Management Division, provides operational solutions to both in-house and external organizations.
In the future, we will establish inquiry desks such as a special website to discover and support emerging investment companies and foreign investment companies considering entering the Japanese market.
In addition to utilizing abundant knowledge and experience in external commissioned business, we will contribute to the discovery and cultivation of emerging investment companies, promotion of foreign investment companies' entry, and further strengthening of operational and product supply capabilities through the development of operation solutions with emerging investment companies and new entrants from overseas as commissioned business partners.

Other efforts

Initiatives for developing internal talent.

For the purpose of improving the competitiveness of in-house operations, Nomura Group has invested approximately 97 billion yen in seed investments aimed at new operational strategies and product development, developing in-house operational talent, and obtaining operational track records, as well as research and development (R&D) investments aimed at entering new areas and undeveloped regions, based on the fair value of holdings at the end of March 2024.
In the investment management department's operating companies, we offer a compensation system that aligns with customers' interests by adopting a competitive remuneration system that links to medium- to long-term performance.
NAM has taken measures such as course-specific hiring for highly specialized personnel development, in-house active operator development, thorough evaluation based on operational performance (pay-for-performance), and the creation of a healthy competitive environment.

Providing platform services in asset management.

Nomura Trust and Banking Co., Ltd. provides trust administrative services that use the one-trustee calculation scheme for public investment trusts set up by emerging operators starting in April 2024 and the middle/back-office administrative service that utilizes compatibility between the consignor and consignee systems. Through the expansion of services that utilize the Nomura Group's business infrastructure (platforms), including integrated provision of trustee calculation scheme for investment trusts and middle/back-office administrative service, we will contribute to further evolution and development of Japan's asset management industry, as well as the realization of asset management nations.
As part of our efforts to support emerging operators in the asset management industry, NFRC will act as a bridge between emerging operators and asset owners (public pensions, mutual aid associations, corporate pensions, insurance companies, university funds, etc.) by inviting them to seminars and events related to emerging operator, etc.

Efforts to work with asset owners.

As part of our support for emerging operators, etc., NFRC plans and holds seminars and events related to emerging operator, etc., inviting emerging operators and asset owners (public pensions, mutual aid associations, corporate pensions, insurance companies, university funds, etc.), with the aim of acting as a bridge between emerging operators and asset owners.

As we approach our 100th anniversary in December 2025, we have established the Nomura Group Purpose of 'Using the power of the financial capital markets to challenge ourselves with the world and achieve a prosperous society.' In a rapidly changing and complex environment, we will continue to provide added value such as knowledge, know-how, and business infrastructure to realize an asset management nation, and further promote our efforts.