The Desk: Nomura Taps IMTC to Expand Custom Fixed Income and Muni Capabilities
Nomura Asset Management International has chosen IMTC’s platform to strengthen its fixed income capabilities, a move that signals growing demand for personalized portfolio solutions in the separately managed account (SMA) space. The partnership, announced on March 17, will enable Nomura to expand its customized offerings across both taxable and tax-exempt U.S. fixed income strategies.
The timing is worth noting. Nomura completed its $1.8 billion acquisition of Macquarie’s U.S. and European public asset management business in December 2025, bringing in $166 billion of client assets. That kind of scale needs infrastructure to match, and IMTC’s technology is positioned to help Nomura deliver on the promise of tailored portfolios at that level.
The broader market tells a similar story. According to a February JP Morgan report, municipal SMAs now hold $1.3 trillion in assets under management across 180 managers. Tax harvesting strategies in munis have made SMAs increasingly attractive, and managers are looking for platforms that can handle that complexity without sacrificing customization. Nomura brings significant presence in this space already. Its National High Yield Municipal Bonds fund stands at $2.9 billion in AUM, while its Tax-Free USA Fund holds $1.1 billion.
For IMTC, this partnership adds another major name to a growing roster. Franklin Templeton and T. Rowe Price both onboarded IMTC’s platform in March 2025 to scale their own fixed income SMA businesses. The pattern is clear: large asset managers are investing in technology that lets them meet client expectations for personalization without compromising operational efficiency.
Read the full article by Etienne Mercuriali on The Desk.
Q&A
Why did Nomura select IMTC’s platform for its fixed income business?
Nomura chose IMTC to support its ability to deliver customized portfolio solutions across taxable and tax-exempt U.S. fixed income strategies. Following its acquisition of Macquarie’s public asset management business, Nomura needed scalable technology to serve a significantly larger client base with personalized SMA offerings.
What is driving the growth of fixed income separately managed accounts?
Investor demand for tax optimization, particularly tax loss harvesting in municipal bonds, has fueled SMA growth. According to JP Morgan, municipal SMAs now hold $1.3 trillion in AUM across 180 managers. Clients increasingly expect portfolios tailored to their individual tax situations, and SMAs provide that flexibility in ways pooled vehicles cannot.
Which asset managers use IMTC’s platform?
IMTC’s platform is used by several leading asset managers, including Nomura Asset Management International, Franklin Templeton, and T. Rowe Price. Each of these firms selected IMTC to help scale their fixed income SMA capabilities and deliver more personalized client solutions.
How large is Nomura’s municipal bond business?
Nomura’s National High Yield Municipal Bonds fund has $2.9 billion in assets under management, and its Tax-Free USA Fund holds $1.1 billion. Following the $1.8 billion acquisition of Macquarie’s U.S. and European public asset management business in late 2025, Nomura now oversees $166 billion in total client assets.
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