Japan Post, Daiwa Tie Up on Asset Management Biz

Economy Politics

Tokyo, May 15 (Jiji Press)--Japan Post Holdings Co. <6178> and Daiwa Securities Group Inc. <8601> on Wednesday announced a tie-up agreement for retail asset management business.

Specifically, Japan Post Bank <7182> and Daiwa Securities Co. will jointly develop new asset management products for individual clients.

The planned mutual fund wraps in which clients entrust their asset management to financial institutions are expected to be sold at Japan Post Bank branches and post offices across the country.

"We want to launch products that support customers' asset formation in January 2021," Japan Post Holdings President Masatsugu Nagato told a press conference in Tokyo.

Facing falls in interest revenue from Japanese government bonds amid the country's ultralow interest rates, Japan Post Holdings and Japan Post Bank aim to boost commission revenue through the tie-up with the Daiwa group.

[Copyright The Jiji Press, Ltd.]

Jiji Press