Nomura JV set up in Shanghai FTZ, drawn by reforms

Cooperative venture will be first asset management company in pioneer zone

Nomura Holdings Inc said on Monday it will establish a joint venture in the China (Shanghai) Pilot Free Trade Zone with three local companies in the latest move by a foreign financial institution to tap into reform benefits in the area.

Shanghai Nomura Lujiazui Investment Management Co will be a consolidated subsidiary of Nomura Holdings with registered capital of 30 million yuan ($4.8 million), the Japanese financial service group said in a statement on its official website. The Tokyo-based company will be the first asset management company to set up shop in the 28-square-kilometer FTZ.