Japan Post, Nomura, Sumitomo Mitsui to set up investment trust

[TOKYO] Japan Post, Sumitomo Mitsui Trust Bank and Nomura Securities said on Wednesday they had agreed to set up a joint venture to sell investment trusts.

The joint venture will start offering investment trust products at Japan's post offices from next February, the firms said in a statement.

Japan Post already sells investment trust products provided by companies such as Tokio Marine Asset Management Co.

The venture will be held 50 per cent by Japan Post, 30 per cent by Sumitomo Mitsui, and 20 per cent by Nomura, they said.

REUTERS