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Fidelity is first in Japan
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December 1, 1997: 9:24 a.m. ET
U.S. Fund powerhouse begins selling investment trusts at Japanese banks
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NEW YORK (CNNfn) - U.S. fund manager Fidelity Investments Monday became the first non-Japanese firm to sell mutual funds through that country's banks.
Fidelity Investments Japan, a unit of Fidelity, has rented a booth in the Shibuya branch of the Long Term Credit Bank of Japan to sell investment trusts, which are the Japanese version of mutual funds.
On Dec. 15, Fidelity will open booths in the Shinjuku branches of the Sumitomo Bank, and in mid-January at the Sanwa Bank.
The Fidelity arrangements were made under the "magashi" system, which allows investment trust companies to set up booths on bank premises.
The "magashi" system is part of a wide-ranging plan for bank deregulation, known as the "Big Bang," being implemented over the next three years.
Initially, Fidelity will offer two new products to Japanese investors. One will be an international fund that will invest exclusively in non-domestic issues. The other will be a balanced fund that will offer a combination of holdings.
Boston, Mass.-based Fidelity is the world's largest mutual fund manager, with over $600 billion in total managed assets. It is also the top provider of 401(k) retirement plans.
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