Fiduciary Trust Company International said Wednesday that it has completed its acquisition of Sanyo Investment Management Co., Tokyo.
The New York-based bank, which manages more than $42 billion of assets for individuals and institutions, including pension plans, said Sanyo would now be known as Fiduciary Trust International Investment Advisory Inc.
Fiduciary acquired the investment management license of Sanyo Investment, which became available when its Japanese parent, Sanyo Securities, went into liquidation. However, no accounts were acquired, so the cost was "modest," according to Henry C. Barkhorn 3d, executive vice president of Fiduciary.
"We figure we saved six to nine months in getting ourselves a discretionary investment license in making this acquisition, as opposed to applying ourselves," he said.
Fiduciary kept four Sanyo sales professionals and will hire another experienced Japanese pension marketer. Accounts will be managed by Fiduciary's investment centers in New York and London.