Mariko Yasu, Bloomberg
Tokyo: Daiwa Securities Group Inc., Japan’s second-biggest securities firm, said it will invest 100 billion yen ($842 million or Rs3,595 crore) in private equity transactions outside Japan within two years.
Daiwa plans to invest the money mainly in Asia, including China and India, as part of the firm’s plan to broaden global operations, said Yoshihisa Kaneko, the company’s spokesman in Tokyo.
Daiwa, which is in the second year of its three-year business plan, wants to offer more overseas investment products to wealthy Japanese individuals and other clients to boost fees. Earnings at Daiwa and its larger rival Nomura Holdings Inc. slumped in the third-quarter as a drop in trading on the Tokyo Stock Exchange eroded brokerage fees.
Daiwa said in December it allied with EMP Global LLC, a Washington-based private equity firm, to start a joint venture which will manage an Asia private equity fund that may raise as much as $1 billion by June. The firm also opened its first India office in Mumbai last year to broaden its Asia operations.