Monex Group Inc. and Credit Saison Co. Ltd. have teamed up with Vanguard Group Inc., the biggest U.S. mutual fund company, to offer investment products to Japanese savers.
The firms on Monday announced the plans in Tokyo, saying they’ve together started an investment firm and an offering will be available next year, according to a statement. The three firms have jointly invested 250 million yen ($2 million) in the venture, with Monex owning 51.01 percent, Credit Saison owning 44 percent and Vanguard, based in Valley Forge, Pennsylvania, with a 4.99 percent stake, according to a briefing in Tokyo.
“As Japan goes from deflation to inflation, there’s a need for a new way to manage assets,” Oki Matsumoto, president and chief executive officer of Monex, said during the briefing.
Matsumoto said the joint venture targets the younger generation as well as older investors. More than 50 trillion yen of assets will be passed down to the next generation every year and the firms aim to capture some of that wealth by helping the younger investors to manage the inherited assets, said Matsumoto.