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ORIX completes purchase of Boston Financial Investment Management

ORIXCorp. completed its acquisition of Boston Financial InvestmentManagement LP, confirming an earlier report on the deal.

The Japanese firm said July 11 that it completed theacquisition of the U.S.-based investment manager July 8 through its unit ORIXUSA Corp. The financial details of the transaction were not disclosed, althougha Reuters report July 9 puts the amount at several hundred million dollars.

ORIX expects the acquisition to help enhance its U.S. unit'sbusiness in the finance market for rental housing in the U.S. through synergieswith its other unit RED Capital Group, which handles servicing through loan formationand securitization of loan bonds for housing developers.

The company also said it will continue to expand its assetmanagement function in the U.S. and will establish a business model centered onfee-based business.