Daiwa Securities Co. and Sumitomo Bank announced Monday that they will form a joint venture with T. Rowe Price Associates, a major U.S. asset management firm, to offer mutual funds tailored to Japanese customers.
The three parties will create an investment trust management firm by merging three existing firms under the Sumitomo and Daiwa groups — Daiwa International Capital Management Co. (DICAM), SB Investment Management Co. and SBIM Investment Trust Management. The merger is scheduled for April 1.
The new company, tentatively called DICAM SB Asset Management Co., will have 3.3 trillion yen in assets under management. It aims to become a leading asset management company for both retail and institutional investors in Japan, the officials said.