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Article: TOP 10 FUND JAPANESE MGT FIRMS SAW NET PROFIT DIP 44% IN FY08.(Financial report)(Company rankings)
- Article from:
- AsiaPulse News
- Article date:
- July 21, 2009
CopyrightCOPYRIGHT 2009 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOKYO, July 21 Asia Pulse - The global financial crisis has hit Japan's investment fund management companies hard, with aggregate net profit at the top 10 firms diving 44 per cent on the year to 42.1 billion yen (US$446.8 million) in the year ended March 31.
Except for Fidelity Investments Japan Ltd., which posted a fiscal 2007 net loss due to an extraordinary charge, all of the top 10 recorded double-digit year-on-year declines in net profit for fiscal 2008. As their total outstanding assets in management shrank nearly 30 per cent because of lower stock prices and a stronger yen, their commission income also declined.
At Fidelity, lower commission ...