A Japanese fund manager is buying a minority stake in a «disruptive» North American tech fund. The two already manage 75 billion Japanese yen ($677 million) in assets.
Tokyo-based Nikko Asset Management said it is buying a minority stake in Ark Investment Management. The move is a bid to cash in on the New York boutique's strategy of disruption-based analysis.
The deal gives Nikko exclusive rights to sell Ark's products and strategies in Asia, including Japan.
Fintech Tie-Up
Financial details of the deal weren't disclosed. Ark founder and Chief Executive Catherine Woods will keep a majority stake in the exchange-traded fund boutique.
The two firms already cooperate on a fintech equity fund, launched in Japan less than one year ago which already manages 75 billion Japanese yen, or more than $677 million.
«We are confident of more to come with this deepening of the connection,” Nikko head Takumi Shibata said in a statement.
Bitcoin Investor
Ark manages ETFs based on themes around disruption and was among the first public funds to invest in bitcoin. It manages five funds, four of them active, in themes such as deep learning and mobility as a service.
Ark also offers its investment advice to institutional clients looking to diversify their portfolios.
Resolute Investment Managers, Inc., Ark's strategic U.S. partner, also remains a minority shareholder in the firm.
