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 |
|
Thursday, October 21, 1999 First Cigna DC Product Rolls Off Assembly Line in Japan It's called Ruito. It is a name derived from the Japanese expression for accumulation-type investment funds. And it signals the birth of a 401(k)-style product in Japan. Toyko-based Yasuda Kasai Cigna Securities says that is the first firm to offer a defined contribution plan in Japan.
It has received approval from the Ministry of Finance to begin marketing its ruito to businesses and individuals. "Postal savings accounts currently comprise a large proportion of Japanese investors' retirement plans. The Ruito Investment Products are designed to fulfill investors' needs for mutual fund products that offer the higher potential returns associated with direct participation in the stock and bond markets," said Brian Sweeney, senior vice president, Cigna International Pensions. The firm has already deployed the technological systems it needs to administer the plan. According to Sweeney, this is the same system that Cigna utilizes in managing 401(k) plans in the United States. The firm has also built call centers throughout Japan to handle potential clients' inquiries. "The kinds of products and services we're offering through Ruito respond directly to the changing dynamic of the pension market in Japan. We want to help our corporate customers in Japan fully understand the nature of those changes so that they can implement within their organizations the kinds of retirement savings programs their employees will value," Sweeney added. Printed from: MFWire.com/story.asp?s=25195 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |
