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SoftBank Moves Into Asset Management After Return to Profits

  • Fund launches with investments in Apple, Amazon and Facebook
  • Gains on Vision Fund investments totalled 296.6 billion yen
Pedestrians wearing protective masks walk past a SoftBank Corp. store in Tokyo.

Pedestrians wearing protective masks walk past a SoftBank Corp. store in Tokyo.

Photographer: Toru Hanai/Bloomberg
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Masayoshi Son is launching a new asset management venture to buy stocks in publicly traded companies, expanding SoftBank Group Corp.’s investment efforts as it rebounded from record losses to profitability.

The Tokyo-based company reported net income of 1.26 trillion yen ($11.8 billion) for the three months ended June 30, following a loss of 1.44 trillion yen three months earlier. The profit was boosted by more than 1 trillion yen in one-time gains from the sale of Sprint Corp. and shares in T-Mobile US Inc.