Nomura Holdings, Inc. operates as a financial services company in Japan. As of March 31, 2012, the company operated offices in approximately 30 countries and regions, including Japan, the United States, the United Kingdom, Singapore, and Hong Kong Special Administrative Region (Hong Kong). Divisions The company’s business consists of the following three divisions: Retail, Asset Management, and Wholesale. Retail The company conducts business activities mainly for individuals and corporations in Japan primarily through a network of nationwide branches of Nomura Securities Co., Ltd. (NSC). The total number of its head office and local branches was 178, as of March 31, 2012. The company offers investment consultation services to meet the medium to long-term needs of its clients. The company offers various financial instruments, such as stocks, debt securities, investment trusts and variable annuity insurance products, for the short, medium, and long-term, with different risk levels. Asset Management The company conducts its asset management business, which consists of the development and management of investment trusts and investment advisory services, primarily through Nomura Asset Management Co., Ltd (NAM). NAM is an asset management company in Japan and manages various investment trusts, ranging from low risk/low return products to high risk/high return products, and develops new products to respond to various investor needs. Investment trusts are distributed to investors through Nomura Securities Co., Ltd. (NSC), as well as through financial institutions, such as securities companies (including those outside its group), banks and Japan Post Bank Co., Ltd. Investment trusts are also offered in defined contribution pension plans. The company also provides investment advisory services to public pensions, private pensions, governments and their agencies, central banks and institutional investors. Wholesale The Wholesale division consists of Global Markets, Investment Banking, and certain other non-Retail operations. It provides its corporate and institutional clients with value-added services modified to their needs. Fixed Income: Fixed Income conducts sales, trading and market-making of fixed income-related products on a global basis. The company’s fixed income offerings include, among other products, government securities, interest-rate derivatives, investment-grade and high-yield corporate bonds, credit derivatives, G-10 and emerging markets foreign exchange, asset-backed securities and mortgage-related products, in over-the-counter (OTC) and listed markets. The company also undertakes primary dealership business in the Japanese government securities market, as well as in the Asian, European, and U.S. markets. Equities: Equities conducts sales, trading and market-making of equity-related products, including common stock, convertible securities, futures, options and OTC equity-linked derivatives. In addition, the company offers execution services based on technologies, such as electronic trading. The company is also a member of various exchanges worldwide, with positions on the London and Tokyo stock exchanges. Investment Banking: The company offers a range of investment banking services to a range of corporations, financial institutions, sovereigns, investment funds and others. Underwriting: The company underwrites offerings of a range of securities and other financial instruments, which include various types of stocks, convertible and exchangeable securities, investment grade debt, sovereign and emerging market debt, high yield debt, structured securities and other securities in Asia, Europe, U.S. and other major financial markets. The company also arranges private placements and engages in other capital raising activities. Financial Advisory & Solutions Services: The company provides financial advisory services on business transactions, including mergers and acquisitions, divestitures, spin-offs, capital structuring, corporate defense activities, leveraged buyouts and risk solutions. The company’s involvement in initial public offerings (IPOs), reorganizations and other corporate re