<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xsi:schemaLocation="http://www.sec.gov/edgar/thirteenffiler eis_13F_Filer.xsd" xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:common="http://www.sec.gov/edgar/common" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <!--Generated by Broadridge Transform (tm) - http://www.broadridge.com-->
  <!--Created: Fri May 15 17:44:48 UTC 2026-->
  <schemaVersion>X0202</schemaVersion>
  <headerData>
    <submissionType>13F-NT</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0000727770</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2026</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2026</reportCalendarOrQuarter>
      <filingManager>
        <name>Nomura Investment Management Business Trust</name>
        <address>
          <common:street1>100 INDEPENDENCE</common:street1>
          <common:street2>610 MARKET STREET</common:street2>
          <common:city>PHILADELPHIA</common:city>
          <common:stateOrCountry>PA</common:stateOrCountry>
          <common:zipCode>19106-2354</common:zipCode>
        </address>
      </filingManager>
      <reportType>13F NOTICE</reportType>
      <form13FFileNumber>028-05267</form13FFileNumber>
      <crdNumber>000105390</crdNumber>
      <secFileNumber>801-32108</secFileNumber>
      <otherManagersInfo>
        <otherManager>
          <cik>0000921739</cik>
          <form13FFileNumber>028-04367</form13FFileNumber>
          <name>NOMURA ASSET MANAGEMENT INTERNATIONAL INC.</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>FERNANDO DEL PUERTO</name>
      <title>Managing Director</title>
      <phone>212-667-9857</phone>
      <signature>/s/ FERNANDO DEL PUERTO</signature>
      <city>NEW YORK</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>05-15-2026</signatureDate>
    </signatureBlock>
  </formData>
</edgarSubmission>
