Japan-U.S. Business Report
Japan-U.S. Business Report
In an unusual, perhaps unprecedented move for a Japanese financial institution, TOYO TRUST & BANKING CO., LTD. is transferring responsibility for managing investments in non-Asian stocks to its American and European subsidiaries. Its Manhattan operation will set up an asset management division that will work with investment manager WELLINGTON MANAGEMENT CO., L.L.P. of Boston. Toyo Trust manages about $55.2 billion in assets, primarily corporate pension funds and postal savings system money.
The drive for efficiency among Japanese financial services providers sometimes involves seemingly small steps. For instance, DAIWA SECURITIES CO., LTD.'s American subsidiary is outsourcing the work of its Chicago futures execution and settlement unit to specialist GELBER GROUP INC., also headquartered in Chicago. The brokerage house's Manhattan operation will retain its futures sales and trading staff and remain a clearing member of the Chicago Board of Trade and the Chicago Mercantile Exchange.
An exchange rate of ¥145=$1.00 was used in this report.
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