After the addition of Nikko Cordial Advisors, Ltd., Wednesday, the membership roster of the Money Management Institute is no longer solely U.S.-based.
Nikko is determined to increase the popularity of separately managed accounts (SMAs) in Japan. In fact, the company expects that within 10 years, the Japanese SMA industry will have $20 billion assets under management.
"We are looking forward to coordinating with MMI in order to expand separately managed accounts in Japan, by learning from the industrys experience and successful practices," said Yoshishige Saigusa, the CEO of Nikko, who said his companys goal is to take 10% of the SMA market share.. He added, "We are delighted and honored to become the very first international member of MMI."
Chris Davis, MMIs executive director, said that other Canadian, European and Asian companies had expressed interest in joining the organization. "We welcome Nikko as our inaugural non-U.S.-based pioneer," Davis said.
The U.S. SMA industry held over $500 billion in assets under management at the end of 2003.