Japan's Nomura, Norinchukin Bank to team up in pension fund management - report |
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Tue, 11 Sep 2007 23:41
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TOKYO (Thomson Financial) - Japanese securities brokerage group Nomura Holdings Inc and Norinchukin Bank will jointly launch a pension fund management firm specializing in private-equity investments, the Nikkei reported on Wednesday.Nomura and the quasi-government financial institution for agricultural, forestry and fishery cooperatives will establish the asset management firm in January 2008, the business daily said, without citing sources.The Development Bank of Japan intends to take a stake as well, it said.The new company will examine the performance and strategies of several hundred buyout funds, mainly in the US and Europe and select promising funds to establish funds of funds, which will seek annual returns of more than 20 percent over a period of seven to 10 years.Nomura, which invested about 100 billion yen in US hedge fund Fortress Investment Group LLC last December, has connections with many funds worldwide, while Norinchukin Bank has invested in US and European buyout funds since 1998.(1 US dollar = 114.24 yen)yasuhiko.seki@thomson.comyas/msCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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