Nomura Holdings Inc. said it will form a venture with Norinchukin Bank Ltd. next year to invest assets for Japanese pension funds.
Nomura and Norinchukin, the central bank for farm and fishery cooperatives, expect to manage ¥300 billion for domestic pension funds within five years, investing the money in overseas funds with a focus on private equity, said Nomura spokesman Michiyori Fujiwara.
The asset management venture will study the performance and strategies of several hundred buyout funds in the U.S. and Europe, and target annual returns of more than 20 percent during a period of seven to 10 years, the Nihon Keizai Shimbun's English News reported earlier Wednesday.