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Nikko Asset Management to acquire stake in US fintech startup

Nikko Asset Management Co. Ltd. plans to acquire a stake of about 15% in U.S. fintech startup Ark Investment Management LLC, The Nikkei reported Aug. 4.

The Japanese company plans to purchase the stake this month for an undisclosed amount. Nikko Asset acts as an exclusive provider for Ark Investments' products in the Asian and Oceanic regions.

Nikko Asset aims to boost its business relations with the fintech company through the stake acquisition, starting with a capital partnership and plans to develop new investment products with Ark Investment.