State Street Global Advisors of Boston and Chuo Mitsui Trust of Tokyo will launch a joint venture in September offering Japanese institutions indexed investment products, the companies announced today.
The new company will be called the Chuo Mitsui State Street Advisers Company.
State Street is taking a different approach from other U.S. firms that have formed joint partnerships in Japan recently. These ventures have typically offered equity-based mutual funds and other actively-managed investment products. State Street hopes indexed and other passively-managed investment products will appeal to risk-conscious Japanese pension managers, the company said in a statement.
Chuo Mitsui will own 70 percent of the joint venture and State Street will own 30 percent.