Daiwa Securities, the second-biggest brokerage in Japan and the leading provider of separately managed accounts, is taking the formula down market with mutual fund wrap accounts, executives said at the Reuters Wealth Summit in Tokyo.

Rather than requiring a $400,000 minimum, as it does for its SMAs, Daiwa is only requiring about one-tenth that, or $43,000, for its mutual fund wrap accounts, which it just unveiled and is supporting with seminars in all of its branches in Japan this month.

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