Nomura [profile] just shut down two of its nine U.S. mutual funds. Kirsten Grind of the Wall Street Journal reports that, after pulling the plug on its Global Alpha Equity Fund in December, the Japanese investment bank just shuttered the International Growth Equity Fund in March.

The WSJ notes that Nomura entered the U.S. mutual fund business four years ago by taking over Fidelity's $320-million Japan Fund, right before the financial crisis got into full swing. Nomura's seven remaining U.S. funds now hold a combined $252 million, and the paper claim that "none" of those funds are profitable for Nomura.

Michael Andrews, head of U.S. retail at Nomura Asset Management U.S.A., told the WSJ that "there's a tremendous amount of potential for a brand like Nomura."

"How big it will ultimately be is really difficult to know," Andrews reportedly said. 

Edited by: HFD


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