The asset management arm of CGU plc and Fukoku Mutual Life Insurance Company have agreed to work together in the field of international investment. Bob Scott, Chief Executive of CGU, and Fukoku's President, Tomofumi Akiyama, have agreed that the companies will co-operate in the investigation and development of joint investment activities.
The asset management arm of CGU plc and Fukoku Mutual Life Insurance Company have agreed to work together in the field of international investment. Bob Scott, Chief Executive of CGU, and Fukoku's President, Tomofumi Akiyama, have agreed that the companies will co-operate in the investigation and development of joint investment activities.
Based on this agreement the Companies have set up a Working Party to discuss fund management and related issues. Discussions have also been initiated in the area of overseas investment for Fukoku's segregated Pension Funds.
The first step in the potentially wide-ranging pact is the creation of a euro-denominated fund, run by CGU's asset management arm for Fukoku. This fund was set up in late 1998 ahead of the creation of the new single European currency on 1st January 1999.
Bob Scott, Group Chief Executive of CGU plc commented:
"The changes taking place in the Japanese economy in general, and in financial services in particular, offer strong international companies such as CGU unprecedented opportunities to deliver innovative and attractive products to the Japanese consumer."
"Our preferred approach in Japan is to work with a leading local institution, and in Fukoku we believe we have identified one of the best in the industry. They have consistently outperformed their competitors in what has been a very tough market for life insurance. We believe we will be able to work well with them in developing new financial solutions for the Japanese market."
Notes to Editors
- Fukoku was formed in 1923 and is the 12th largest and one of the financially strongest (Moody's A3 Rating) life insurers in Japan.