Magazine article American Banker

Bankers Trust Will Be Partner in a Tokyo Investment Firm

Magazine article American Banker

Bankers Trust Will Be Partner in a Tokyo Investment Firm

Article excerpt

NEW YORK -- Bankers Trust New York Corp. is preparing to launch a Tokyo-based investment advisory service through a joint venture with Sumitomo Bank Ltd. of Japan.

The planned unit, to be called Sumigin Bankers Investment Management Co. Ltd., was fashioned to manage liquidity and equity investments for corporate clients. Bankers Trust said the unit will also furnish customers with investment information and economic studies.

An agreement between the two companies "is very close to being finalized," said a Bankers Trust spokeswoman, who noted that Tomohiko Nakamitsu, the former joint general manager of Sumitomo Bank's affiliate administration department, would be named president of the investment advisory service.

Because the deal was not complete, Bankers Trust officials on Tuesday would not elaborate on the services to be provided by the investment firm.

Masayasu Ueno, senior vice president of Sumitomo Bank in New York, did not provide any further details about the investment firm's planned activities, but he did give an indication about what motivated the joint venture.

"In the area of trust business, we don't have the needed expertise," possessed by Bankers Trust, he said. Mr. Ueno explained that his institution had not gained experience in that area because commercial banking and trust banking are kept separate in Japan.

The company will open with about $450,000 in capital. Under the agreement, BT Investment Managers, a subsidiary of Bankers TRust, will own a 50% equity interest in the venture. …

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