An investment fund led by financier Yoshiaki Murakami said Wednesday it has set up a new investment firm in Singapore and transferred all funds under MAC Asset Management Inc., the core of the fund, to the new company.
The step is intended to "respond appropriately to global operations," the Murakami fund said in a press release.
The Singapore company was founded March 10 with capital of 30 million yen, which was all financed by Murakami. The new firm's name is MAC Asset Management Pte. Ltd.
Since Singapore has a lower corporate tax rate than Japan, that makes it more attractive for foreign investment, Murakami may be expecting easier investment operations in the Southeast Asian financial center, an industry source said.