March 30, 2018 / 12:54 AM / a year ago

Japan's Nomura invests in fintech firm in push for younger clients

TOKYO, March 30 (Reuters) - Nomura Holdings Inc said on Friday it would invest about 1.6 billion yen ($15 million) in a Japanese fintech firm that offers financial robo-advisory services, marking its latest attempt to woo young clients.

Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, would hold a majority stake in 8 Securities, which provides robo-advisory services through mobile apps using exchange-traded funds, Nomura said in a statement.

The fintech firm and Nomura Asset Management are developing an app that would offer the Nomura subsidiary’s index funds, the statement added.

Nomura also said it would hold a minority stake and invest around 1.1 billion yen in 8 Limited, the Hong Kong-based parent company of 8 Securities.

Apart from mobile app robo-advisory services, 8 Limited also provides online brokerage services in Hong Kong.

Nomura, Japan’s largest brokerage and investment banking group, has been aiming to tap a new generation of customers as its client base ages.

Nomura and messaging app LINE Corp said this week they were looking to set up a joint venture that would offer mobile and online brokerage services and investment advice.

Last year, the president of its core Nomura Securities subsidiary said it planned to leverage its access to about 1.6 million members of employee stock ownership plans, for many of whom it is an administrator, to recruit younger clients. ($1 = 106.4700 yen) (Reporting by Minami Funakoshi; Editing by Himani Sarkar)

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