T. Rowe Price Associates plans to join the growing list of mutual fund companies entering the money management business in Japan.

The firm said last week that it will invest approximately $16 million for a ten percent interest in an asset management company it will create with Sumitomo Bank and Daiwa Securities Co. The new firm will be based in Tokyo and will have about $29 billion in assets which Sumitomo and Daiwa will contribute to the as yet unnamed entity.

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