News out of Japan yesterday suggested that Japan Post Holdings has commenced exploratory discussions to establish an asset management joint venture with Sumitomo Mitsui Trust Bank and Nomura Holdings with a view to selling mutual fund products through post office outlets.
None of the parties were willing to confirm the news. Sumitomo Mitsui Trust refused to comment and Japan Post Holdings officials were not available for comment. Similarly Nomura was non-committal saying nothing has been decided.
The government owned postal giant's banking unit has been considering setting up an asset management company that develops and sells financial products for retail customers through the country’s post office outlets. With elderly people, major customers for Japan Post Bank any joint firm will be expected to develop investment products with relatively low risk to appeal to this segment.
