Japanese Firms Integrating To Create One Of Asia’s Largest Asset Managers With ¥54 Trillion AUM

Mizuho Financial Group Inc. and Dai-ichi Life Insurance Co. have said they will set up a new company to integrate their asset management services. With ¥54 trillion in assets under management, it will be one of the biggest such firms in Asia.

With a view to strengthening their respective asset management businesses, Mizuho Financial Group, Inc. president and group CEO Yasuhiro Sato and The Dai–ichi Life Insurance Company, Limited president and representative director Koichiro Watanabe have been discussing the integration.

Together they have announced that MHFG and Dai–ichi Life are now pleased to state that they have reached basic agreement on integrating the asset management functions of both groups and jointly operating the resulting new company in accordance with the spirit of equal partnership under the comprehensive business alliance between the two companies.

The integration is expected to be completed during the first half of fiscal 2016.

Mizuho Financial and Dai-ichi Life will integrate Shinko Asset Management Co., Mizuho Asset Management Co., the asset management division of Mizuho Trust & Banking Co. and Diam Co., an equally owned joint venture.

The integrated company will be held 51 percent by Mizuho Financial in terms of voting rights and the rest by Dai-ichi Life. It will have three independent outside board directors.

Mizuho Financial and Dai-ichi Life also aim to expand overseas operations in partnership with Matthews Asia and others.

The moves by Mizuho Financial and Dai-ichi Life are the latest in a series of steps in the nation’s financial sector to beef up asset management services, amid a shift in household preference from savings to investments.

Mitsubishi UFJ Financial Group Inc. integrated its investment trust firms in July.

Japan Post Bank, a unit of Japan Post Holdings Co., plans to set up an asset management firm with Nomura Holdings Inc. and Sumitomo Mitsui Trust Bank.

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