October 13, 2017 4:56 am JST

Tokyo beckons fund managers with public-private money

Creation of a foundation planned; portion of $89m assets to go toward fintech

TOKYO -- The Tokyo Metropolitan Government is joining hands with the private sector to set up a foundation tasked with supporting startup businesses in such fields as asset management.

The foundation is expected to manage roughly 10 billion yen ($89 million) in assets, providing money to young fund managers, among others. Tokyo seeks to act as a generous host to asset management companies as part of its project to turn itself into an international financial hub. A concrete plan will be drawn up next month. A portion of the assets will likely be used to nurture the financial technology, or fintech, sector.

The Tokyo government plans to put up around 5 billion yen, and will solicit contributions from institutional investors.

Proposals to realize Tokyo's financial hub dream will be unveiled Friday by an expert panel headed by Atsushi Saito, chairman of U.S. private-equity firm Kohlberg Kravis Roberts' Japanese unit. Tokyo Gov. Yuriko Koike will follow up with the announcement of the foundation's creation, slated for fiscal 2018.

The foundation is expected to get involved in a program to nurture asset managers, and will also promote the Tokyo market abroad and court foreign financial institutions to the capital. In November, Tokyo will sign a memorandum of understanding with Britain's financial center, the City of London, to seek the latter's help in information collection and other matters.

(Nikkei)

Get Insights on Asia In Your Inbox

To read the full story, Subscribe or Log in

Get your first month for $0.99

Redeemable only through the Subscribe button below

Once subscribed, you can…

  • Read all stories with unlimited access
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

Resubscribe now to continue reading.
BEST OFFER:
Only US$ 9.99 per month for a full-year subscription

To read the full story, Subscribe or Log in

Once subscribed, you can…

  • Read all stories with unlimited access
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.