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Nomura to set up fund with state-run China Investment

Daiwa Securities, Japan's three megabanks will also pitch in to fund targeting over $800m

The new fund will mainly invest in Japanese and Chinese companies, with the aim of helping them launch businesses in both countries   © Reuters

TOKYO -- Japan's Nomura Holdings will jointly set up an investment fund with Chinese state-run investment fund China Investment Corp., Nikkei learned on Tuesday. The two companies are expected to reach a broad agreement to coincide with the Japan-China summit later this week.

The joint fund aims to raise some 100 billion to 200 billion yen ($888 million to $1.7 billion) from institutional investors in Japan and China. It will mainly invest in Japanese and Chinese companies, with the aim of helping them launch businesses in both countries. Other Asian companies will also draw investments.

CIC and U.S. investment bank Goldman Sachs jointly set up a fund last year, aiming to promote collaboration between U.S. and Chinese manufacturers. But investment activities have been hindered by the escalating trade dispute between the two countries. The situation is apparently bringing opportunities to Japan.

The Nomura-CIC fund will also draw cash from Japan's three megabanks -- Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group -- as well as Daiwa Securities Group.

China is working to open up its domestic markets to foreign financial institutions. Nomura has already partnered with China's Orient International for planned securities services targeting wealthy Chinese.

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