Hitachi, Ltd.(TSE:6501)today announced will set up a Wholly-owned investment
management company in August, named Hitachi Investment Management, Ltd., to
manage the pension fund assets of Hitachi and the companies of the Hitachi Group.
Hitachi has been aggressively tackling the pension issue, which it views as one of
management's most important challenges. The progress of Japan's version of the "Big
Bang" has resulted in an easing of approval requirements for investment management
firms, leading to Hitachi's decision to establish an investment management company
to achieve greater efficiency in the running of the Hitachi and Hitachi Group pension
fund.
The major U.S. corporations, such as General Electric Company and General Motors
Corporation are using specialized subsidiaries to run their corporate pension funds more
efficiently. As a management subsidiary of Hitachi, Ltd., Hitachi Investment
Management will focus on bringing a user perspective to its management of the pension
fund.
For the new company, fund manager, actuaries and other such financial specialists
will be recruited from inside and outside the Hitachi Group.
Outline of new company
Company name Hitachi Investment Management, Ltd.
Location Provisionary, Chiyoda Ward in Tokyo
Capital 300milion yen (put up by Hitachi, Ltd.)
Date of establishment August 1999
Business Investment management
President Hiroshi Maruta (currently deputy general manager of Hitachi's
Finance Dept.)
Number of employees 11 at startup (planned)
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