TOKYO, March 31 Financial Products Group Co
, a Japanese provider of leasing schemes that help
companies defer taxes, will acquire a fund management company in
the latest move to diversify its operations, a person familiar
with the matter said on Monday.
The acquisition of the privately-owned Dai-ichi Asset
Management, which has roughly 13 billion yen ($126.3 million) in
investment funds under management, will be announced later on
Monday, according to the person, who declined to be named as the
decision had not been made public.
FPG is expected to pay several hundreds of millions of yen
(several million dollars) for Dai-ichi, an investment advisory
firm established in 1977, the person said.
FPG and Dai-ichi declined to comment.
FPG specializes in arranging ship, container and aircraft
leasing schemes that its clients, mainly small and medium-sized
companies, invest in as a tool to defer taxable income. It has
grown rapidly, quadrupling revenues between 2009 and 2013, when
it booked annual sales of 4 billion yen ($38.9 million) and net
income of 1.2 billion yen.
The purchase of Dai-ichi Asset is the latest in a series of
moves by CEO Hisanaga Tanimura, who founded the company in 2001
after heading ING's leasing business in Japan, to diversify
FPG's product offering.
FPG entered the mergers and acquisition advisory and
insurance brokerage businesses in 2010, established a joint
venture in Europe for arranging operating lease transactions in
2012 and bought a securities brokerage last year.
($1 = 102.9250 Japanese yen)
(Reporting by Nathan Layne and Emi Emoto; Editing by Matt