Chuo Mitsui Trust & Banking Co. will next month invest in an asset management joint venture by Sumitomo Trust & Banking Co. and Daiwa Bank, Chuo Mitsui officials said Friday.
Chuo Mitsui will transfer assets under its management to the venture, Japan Trustee Services Bank, by the end of fiscal 2002, the officials said.
The venture was formed in June 2000.
Officials also said Chuo Mitsui has informally selected its vice president, Kazuo Tanabe, to be president of its asset management subsidiary, Mitsui Asset Trust and Banking Co., to be established in February.
Chuo Mitsui's wholly owned subsidiary, Sakura Trust & Banking Co., will change its name to Mitsui Asset Trust and Banking on Feb. 1 as part of Chuo Mitsui's scheduled adoption of a holding firm structure the same day.
Chuo Mitsui and Mitsui Asset will be placed under the new holding firm, Mitsui Trust Holdings Inc.
Chuo Mitsui will then transfer its pension and security trust business operations to Mitsui Asset in March.