J.P. Morgan & Co. and Dai-Ichi Kangyo Bank Ltd. have set up a joint venture company to sell investment products in Japan.
Dai-Ichi Kangyo J.P. Morgan Investment Management Co., formed last week, will begin offering cobranded investment trusts in this quarter, said George C.W. Gatch, president and chief executive officer of the new company. Two thousand Dai-Ichi salespeople are trained to sell the trusts, he said.
Mr. Gatch previously headed J.P. Morgan's U.S. fund business. Dai-Ichi appointed Michio Yuge, its joint general manager, chief operating officer of the Tokyo-based venture, which employs 25 people.
Dai-Ichi began selling five investment trusts in December, when Japanese banks were first allowed to sell investment products.