Nomura to Open Asset Management Company With Japan Post Bank
- 22.07.2015 01:00 am
Nomura Holdings has signed an agreement with Japan Post Bank, Japan Post, and Sumitomo Mitsui Trust Bank, Limited to establish a new asset management company and develop asset management products.
Nomura will take a 20 percent stake in the new company, while Japan Post Bank will take a 45 percent stake, Sumitomo Mitsui Trust Bank a 30 percent stake, and Japan Post a 5 percent stake.
The new company is due to be established with capital of 500 million yen. Japan Post Bank and Japan Post will appoint the President and Vice President. Sumitomo Mitsui Trust Bank and Nomura will both appoint one director each. The new company is expected to apply for registration as a financial instruments business between October 2015 and January 2016. It plans to start distributing investment trusts through Japan Post Bank and Japan Post in February 2016.
Nomura and Sumitomo Mitsui Trust Bank will provide the new company with expertise in the area of asset management. The new company will develop investment trust products to meet the needs of retail investors in the nationwide networks of Japan Post Bank and Japan Post, supporting stable asset formation over the long term and contributing to the shift from savings to investment in Japan.