Nomura Holdings (TYO:8604) unit Nomura Asset Management is merging its once-prominent 1 trillion yen fund with a flagship product following prolonged underperformance, according to a Bloomberg News report on Monday.
On Friday, the firm filed to align the Nomura Japan Equity Strategy Fund's investment policy with that of the Nomura Japan Open, after discussions with stakeholders, said the newswire.
Originally launched in February 2000, the strategy fund's net assets soared to 1.167 trillion yen ($7.8 billion) by May of that year, benefiting from investments in the tech sector during the IT boom, added the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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