The financial services giant will take a stake in a new asset management business in Japan.

Tokyo-listed Nomura is to enter into a business alliance to set up an asset management company.

Under the agreement with Japan Post Bank, Japan Post and Sumitomo Mitsui Trust Bank, Nomura will take a 20 per cent stake in the new company. Japan Post Bank will take a 45 per cent stake, Japan Post a 5 per cent stake and Sumitomo Mitsui Trust Bank a 30 per cent stake.

The company, due to launch with a funding of JPY500 million ($4.03 million), will boost Nomura’s asset management presence in Japan, which is currently covered by Nomura Asset Management. However, the group said it does not expect the alliance to have a material impact on its consolidated results. It will “make a timely disclosure if a material impact occurs,” it said.

“Nomura and Sumitomo Mitsui Trust Bank will provide the new company with expertise in the area of asset management,” Nomura said in a statement. 

“The new company will develop easy-to-understand investment trust products that meet the needs of retail investors in the nationwide networks of Japan Post Bank and Japan Post, supporting stable asset formation over the long term and contributing to the shift from savings to investment in Japan.”

Japan Post Bank and Japan Post will appoint the president and vice president of the new company, while Sumitomo Mitsui Trust Bank and Nomura will each appoint one director.

The company is expected to start distributing investment trusts through Japan Post Bank and Japan Post in February next year.

Last month, Nomura took a 49 per cent stake in a unit of Philippines-based BDO Unibank as part of its growth drive in the fast-growing market.