-- SBI Holdings (TYO:8473) and State Street Investment Management plan to set up a joint venture to launch low-cost investment trusts in Japan, Nikkei reported Friday.
The new firm, expected as early as May, will be majority-owned by SBI, which will oversee operations and distribution, while State Street manages assets, according to the report.
The partnership will offer investment trusts and ETFs across domestic and global equities, bonds and other assets, aiming to rank among the lowest-fee products in the market, the report said.
SBI is targeting competition with Mitsubishi UFJ Asset Management's low-cost global equity fund offerings. State Street, which oversees about $5.7 trillion in assets, will also provide custody services, helping cut costs, according to the report.
SBI aims to grow group assets under management to 20 trillion yen by the fiscal year ending March 2028, with the venture targeting trillions of yen within three years, the report said.
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