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Nomura, IBJ Will Offer Defined Contribution Products in Japan

Nomura IBJ Global Investment Advisors of New York plans to offer by year-end defined contribution pension plans modeled on 401(k) plans in the U.S. Nomura IBJ Global is a joint venture between Nomura Securities and the Industrial Bank of Japan Ltd., both headquartered in Tokyo.

Nomura, Japan's biggest brokerage, and IBJ, Japan's seventh-largest bank, set up their joint-venture investment trust in May to compete with foreign mutual fund companies hoping to do business in Japan.