Shinsei Bank and Mellon Financial Corp. of the United States said Thursday they will launch a 50-50 asset management joint venture in Tokyo later this year.
If approved by regulatory authorities, the venture will provide Japanese public and corporate pension funds with investment management services.
Mellon, a U.S. financial services firm, is part of an international consortium that owns the Japanese bank.
Mellon's existing asset management unit in Japan, Mellon Global Investments Japan Co., will continue to offer asset management services in the Japanese retail and institutional nonpension sectors, the two firms said.
The new joint venture will combine "Shinsei's deep relationships with Japanese corporate and public sector institutions" and "Mellon's wide range of investment management skills across global asset classes," they said.
Shinsei is the reborn entity of the failed Long-Term Credit Bank of Japan, which made a fresh start under its new name in June 2000 after being sold to an international consortium led by U.S. investment firm Ripplewood Holdings LLC.
The consortium also features Deutsche Bank AG, ABN-AMRO Bank of the Netherlands, Canada's Bank of Nova Scotia, Banco Santander Central Hispano S.A. of Spain, and St. James Place Capital PLC of Britain.