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Daiwa Securities, Global X set up asset management JV in Japan

Daiwa Securities Group Inc. and Daiwa Asset Management Co. Ltd. partnered with U.S.-based Global X Management Co. Inc. to form an asset management business that will offer exchange traded fund, or ETF, solutions to investors in Japan.

The Global X Japan Co. Ltd. joint venture will provide investment management, investment advisory and agency business, and type II financial instruments business services, with a total capital of ¥200 million. It also plans to introduce differentiated ETF products, mainly thematic and income-oriented solutions, according to a Sept. 9 news release.

Currently, Daiwa Securities Group is the only founder to swiftly complete the company establishment process so far. Once the necessary preparations are completed, the three companies will promptly increase joint venture's capital to ¥5 billion, including capital reserve.

As of Sept. 6, US$1 was equivalent to ¥106.80.