On July 13, 2016, Mizuho Financial Group Inc. and DIAM Co. Ltd. announced that they had formally entered into an asset management integration agreement.
Pursuant to this agreement, Mizuho Asset Management Co. Ltd (“Mizuho Asset Management”), Shinko Asset Management Co. (“Shinko”), Mizuho Trust & Banking Co. Ltd. (“Mizuho Trust”), and DIAM Co. Ltd. (“DIAM”) will integrate their asset management functions to form Asset Management One Co. Ltd. (“Asset Management One”).
The integration is expected to occur in three steps. In the first step, Mizuho Asset Management and Shiko will merge, with Mizuho Asset Management being the surviving company. During the second phase, Mizuho Asset Management and Mizuho Trust will split, with Mizuho Trust spinning off and Mizuho Asset Management as the successor company. The final step will implement a merger between DIAM and Mizuho Asset Management, whereby DIAM is the surviving company.
The integration will become effective on October 1, 2016, subject to approval by relevant authorities. Asset Management One is expected to have capital of approximately 2 billion Japanese yen.
To read the press release: please click here.