TOKYO -- Five out of seven leading asset management companies in Japan saw earnings slide last fiscal year as customers gravitated toward low-cost investment products.
Net income at Asset Management One, Mitsubishi UFJ Kokusai Asset Management, Sumitomo Mitsui DS Asset Management, Daiwa Asset Management and Sumitomo Mitsui Trust Holdings sank during the fiscal year ended in March. Nomura Asset Management and Nikko Asset Management logged higher profits.
