Daiwa Securities Group Inc. will buy a 33.4% stake in SBI Holdings Inc. unit SBI Benefit Systems Co. Ltd. as part of a new capital and business partnership between the two groups.

Under the partnership, the two groups will collaborate on individual-type defined contribution pension plan, or iDeCo, business, with Daiwa Securities Co. Ltd. launching a new iDeCo plan with SBI Benefit as a record keeper, according to a Jan. 23 release.

Both groups will develop content for the new plan and aim to launch it in April.

In line with the partnership, Daiwa Securities Group will acquire a 33.4% stake in SBI Benefit Systems. The companies did not disclose the value of the deal, but The Nikkei reported the same day that it is estimated at about ¥1 billion, without citing a source.

SBI Benefit Systems conducts management-related services, with a defined contribution pension plan record-keeping system developed on its own.

Daiwa Securities Group's acquisition of the stake in the SBI unit is expected to be completed by March 31.

As of Jan. 23, US$1 was equivalent to ¥113.03.