Utilize the input text as a context reference, choose the right relationship between Nomura Holdings and Nomura Securities from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

He previously held senior roles at Nomura Securities Co, the brokerage unit of Nomura Holdings Inc. After he left Nomura, Saito served as CEO of the Industrial Revitalization Corporation of Japan, a now-defunct state-backed turnaround fund that invested in troubled companies.

Answer: subsidiary