Friends Ivory & Sime Forms Venture in Japan
June 28, 1999
Friends Ivory & Sime of London has acquired a 15 percent stake in Sumisei Global Investment Trust Management Co., a $2 billion mutual fund company based in Tokyo. Friends Ivory & Sime executives said the firm took the stake to establish a foothold in Japan with a partner that has a dominant market position.
Simultaneously, Friends Ivory & Sime has introduced the Friends Sumitomo Life Global Fund. Aimed at Japanese investors, 50 percent of the fund will be invested in Japanese equities and 50 percent will be invested in stocks in the MSCIP World Index.