INTERVIEW: SMBC Nikko Securities to Introduce New Fee System

Economy

Tokyo, June 30 (Jiji Press)--Major Japanese brokerage firm SMBC Nikko Securities Inc. plans to introduce a new fee system for retail clients, its new president, Yuichiro Kondo, said in a recent interview.

SMBC Nikko Securities is looking to collect fees based on the value of clients' deposit assets, Kondo, who took office in April, indicated.

He said the firm will consider details of the new fee system during the period until fiscal 2022 for implementing its ongoing medium-term management plan.

The move reflects the brokerage industry's shift from the conventional management style relying on income from brokerage fees to a new business model of receiving compensation for asset management services.

"We're expected to follow the trend of collecting fees linked to client asset balances," Kondo said.

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