MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 30, 1999 BlackRock Forms Japanese Joint Venture Even though the value of the Japanese stock market has fallen to third place behind the U.S. and Great Britain, it retains its appeal to U.S. financial services firms. The latest firm to take the plunge with a Japanese alliance is BlackRock, Inc., the asset management arm of PNC Bank Corp. It is joining with Nomura Asset Management Co., Ltd. to create Nomura BlackRock Asset Management Co., Ltd., a Tokyo-based asset management company that will serve Japanese institutional and investment trust investors. "BlackRock is very pleased to be expanding its relationship with Nomura Asset Management, and we view this joint venture as an important strategic step in expanding BlackRock's international presence," said Laurence Fink, chairman and ceo of BlackRock, in a prepared statement. "We are confident that Nomura BlackRock Asset Management will enable BlackRock and Nomura Asset Management to build upon our successful efforts to date and to deliver even more effective products and services to Japanese investors." BlackRock and Nomura will have equal interests in the new company, which will be capitalized with (Y)450 million. Fink will be the Chairman of Nomura BlackRock, and Shigeo Mizuta of Nomura Asset Management will be the president and co-manager of the new company. Nomura BlackRock will apply for a discretionary investment advisory license in Japan, and the partners will work together to develop and distribute U.S. investment grade fixed income asset management services and investment trusts in Japan. "Nomura Asset Management believes that the "Big Bang" in the Japanese financial markets heralds a new era in asset management and we are committed to delivering the highest quality products and services to our Japanese clients," said Hitoshi Tonomura, chairman and ceo of Nomura Asset Management. The joint venture announced today expands upon the relationship that Nomura Asset Management and BlackRock have developed since 1997, when the Japanese financial industry was substantially deregulated. To date Nomura and BlackRock have introduced three investment trusts for Japanese investors. Printed from: MFWire.com/story.asp?s=24729 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |