Nomura to Set Up Joint Fund with China

Economy

Tokyo, Oct. 23 (Jiji Press)--Japanese brokerage house Nomura Holdings Inc. <8604> plans to set up a joint investment fund worth some 100 billion yen with a Chinese government-backed fund, informed sources said Tuesday.

Nomura aims to reach a basic agreement with the Chinese side on the matter to coincide with a summit meeting between Japanese Prime Minister Shinzo Abe and Chinese President Xi Jinping, set for Friday in Beijing, the sources said.

Under the plan, Nomura and China Investment Corp. will jointly invest in the new fund targeting a wide range of Japanese and Chinese companies.

Three major Japanese financial groups--Mitsubishi UFJ Financial Group Inc. <8306>, Mizuho Financial Group Inc. <8411> and Sumitomo Mitsui Financial Group Inc. <8316>--and other firms will be asked to invest in the fund, the sources said.

The plan to set up the joint fund is part of Nomura's efforts to step up operations in China, including wealth management.

[Copyright The Jiji Press, Ltd.]

Jiji Press