Mitsubishi Corp, and Mitsubishi UFJ Financial Group will set up what would be their largest-ever investment fund worth 100 billion yen ($1.01 billion), an industry source said on Thursday. ( Reuters )
The fund, to be set up by the end of April, will be 49.5 percent owned by Mitsubishi Corp, Japan's biggest trading company, and 45 percent by Mitsubishi UFJ Financial, the source said.
Business daily Nikkei reported on Thursday that the fund aims to promote the spinning off of units and departments at listed Japanese companies, tapping a market that has become cheap after the fallout of the U.S. subprime loan woes.
Foreign funds' activities have been substantially slowed due to the credit crunch, the paper also said.
Mitsubishi has been involved in the investment business in the United States through its funds since the 1990s.