UPDATE 1-Japan's Daiwa invests $128 mln in marketing company as stock fee shrinks [Reuters]
DAIWA SECS GROUP S/ADR (DSEEY)
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Source: Reuters
Japan's Daiwa invests $128 million in marketing company as stock fee shrinks TOKYO (Reuters) - Japan’s Daiwa Securities Group Inc ( 8601.T ) said on Thursday it would invest 14 billion yen ($128 million) in a marketing company Katana, aiming to diversify revenue sources as stock transaction fees are expected to shrink. Katana was founded in 2017 by Tsuyoshi Morioka, who helped turn around Osaka-based entertainment park Universal Studios Japan, according to the company. The move comes as Japanese securities firms, including Daiwa, have struggled with their sluggish retail business under volatile market conditions. Daiwa posted a 83.1% decline in its retail division’s recurring profit during the three months through September, while Nomura, the country’s largest brokerage and investment bank, said its pretax income for the division dropped 57% in the same period. The capital tie-up will contribute to domestic companies in terms of marketing, said Daiwa’s senior executive managing dire
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