SUSTEN raises about JPY1bn with Japan Post Bank backing
Japan Post Bank, Firstlight Capital and The Ascent Group invest in SUSTEN as the asset manager plans distribution through the bank’s digital channels.
SUSTEN has raised approximately JPY1 billion through a third-party share allotment to Japan Post Bank, Firstlight Capital and The Ascent Group. The Japanese investment manager announced the financing on September 18 alongside a capital and business partnership with Japan Post Bank.
The partners aim to offer investment trusts and automated discretionary investment services through Japan Post Bank’s digital channels, including its passbook app. The planned services include tools that optimise the use of tax-advantaged NISA accounts.
The partnership gives SUSTEN a potential distribution route through a bank whose app had more than 16.62 million accounts at the end of March. SUSTEN said client assets had reached approximately JPY13 billion by the end of August, 3.3 times their level at the end of the previous year.
Use of funds
Expand investment management services