Management's achievement ahead of 2020 goals suggests an improving earning structure at Nomura.
No-moat-rated Nomura’s fourth-quarter results were slightly above our estimates while structural weakness remains in domestic retail brokerage. Earnings upside was mostly due to a 12% year-on-year cost containment as the firm managed to spend wisely through more performance-based compensation and less spending on IT infrastructure beating both our and the company's own assumptions. Cost/income ratio fell to 74.64% versus the seven-year average of 85.21% and moved a few steps closer to a historic...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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