Daiwa Securities (TYO:8601) to Develop a Fund Jointly with Chinese State-run Entity
Daiwa SMBC Capital Co., a banking and financial services provider, will team up with Hubei Hi-tech Industrial Investment Co. and others to develop a fund, which will eventually have 400 million yuan, or roughly 5.2 billion yen, in assets.
The investment will start with about 2.3 billion yen, with the amount to be increased by soliciting funds from Japanese institutional investors next year.
Currently, Daiwa Securities holds a 60% stake in Daiwa Securities SMBC. Daiwa Securities plans to make Daiwa Securities SMBC Co., Ltd. to its wholly-owned subsidiary by acquiring the remaining 40% stake in from Sumitomo Mitsui Financial Group, Inc. (TYO:8316).
Sumitomo Mitsui Financial Group, Inc.
Daiwa Securities Group Inc