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Business deals

Daiwa snatches long-time Nomura client from under its nose

Bitterness over failed acquisition sinks 14-year partnership with Japan Post

Daiwa Securities swooped in to form mutual fund ties with Japan Post, leaving Nomura out in the cold.   © Reuters

TOKYO -- Japan Post Group made a sharp break from its decade-plus relationship with Nomura Holdings when it announced Wednesday that it would form a mutual fund tie-up with rival Daiwa Securities Group, leading some to suspect that a failed deal to takeover a real estate unit soured their bonds.

Japan Post and Daiwa said they will jointly develop mutual fund wraps -- accounts managed by financial institutions based on customers' investment goals. A regular fee is charged for this service, providing a stable stream of revenue. The companies aim to begin sales at the start of 2021.

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