OSAKA -- A fund managed by Sumisei Global Investment Trust Management Co. on Tuesday became the first investment trust to be listed on a new market for venture funds set up by the Osaka Securities Exchange in December.
The fund ended its first trading day at 10,500 yen, lower than the 10,520 yen set before the listing. The fund opened at 11,000 yen, but early gains were trimmed due to selling pressure in afternoon trading.
The OSE established the New Market Section -- the first such market in Japan -- for investment trusts for unlisted companies in a bid to stand out among rivals by offering diverse and attractive financial products.
Individual investors can put small amounts of money into venture firms to receive dividends and capital gains. The market allows people to play investment trusts consisting of unlisted companies in a manner similar to trading stocks.
Two other venture funds plan to list on the market in the near future. The Osaka Prefectural Government has invested 1 billion yen in each of the three funds.
Speaking at a ceremony celebrating the listing of the fund, Osaka Gov. Fusae Ota said, "I hope venture businesses will take root in Osaka through this venture funds market."