Daiwa Securities, Japan's second-largest brokerage firm, will offer separately managed accounts beginning next month with the aim of capturing another 30 billion to 50 billion yen, or $270 million to $450 million, from high-net-worth clients.

The move makes Daiwa the second Japanese brokerage, following third-ranked Nikko Cordial, to launch an SMA program. Nikko launched its service in April in hopes of raking in two trillion yen in the next 10 years (see MME 5/31/04).

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