Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets Nomura Capital Management's Robert Stark - building a private credit business within a global bank
Nov 11, 2025
Robert Stark, CEO of Nomura Capital Management, brings a wealth of experience from the asset management world. He discusses the rapidly evolving private credit market and the importance of building a standalone asset management business. Stark emphasizes a people-first approach to hiring, the need for diversified private credit solutions, and the significance of strategic partnerships. He also highlights how Nomura's Japanese wealth experience shapes their strategy and anticipates the integration of public and private credit in the future.
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Structural Shift In Asset Management
- Private markets have shifted structurally because banks retrenched and fees compressed across active and passive strategies.
- Robert Stark sees asset managers consolidating into a handful of very large firms while market roles broaden beyond traditional boundaries.
From Consultant To Builder
- After consulting, Robert joined asset managers to both design and execute strategies because firms moved slower than he wanted.
- He then decided to build his own business but accepted he needed a deep-pocketed partner to scale in private markets.
Prioritize People And Partner Capital
- Hire and retain the right people because talent is roughly 80% of building a differentiated asset manager.
- Pair that team with a partner that provides capital and entrepreneurial freedom to grow a private markets business.