Japan Post Bank will be the largest shareholder (45%) in the new firm while Sumitomo Mitsui Trust Bank and Nomura will hold, respectively, a 30% and 20% stake in the venture. The remaining 5% will be held by Japan Post.
The fund house intends to develop easy-to-understand investment trust products that meet the needs of retail investors. The firm expects to distribute products through the nationwide networks of Japan Post Bank and Japan Post from February next year.
Nomura and Sumitomo Mitsui Trust Bank will provide expertise in the area of asset management.
The new entity will be set up with capital of ¥500m ($4m) and officials are expected to apply for registration between October and January.
Japan Post Bank and Japan Post will appoint the president and vice president, while Sumitomo Mitsui Trust Bank and Nomura will both appoint one director each.
