Omura Holdings Inc. has shuttered its second U.S. mutual fund in four months as the Japanese investment bank grapples with poor performance and an overall downturn in the fund industry.
The closure of the International Growth Equity Fund, which invests in international stocks and has about $6.2 million in assets, underscores the larger troubles Nomura has faced as it tries to break into the competitive $12.4 trillion U.S. mutual fund industry.
When the investment bank entered the U.S. mutual fund market it promised to amass several billion dollars of assets under management and vault past other big players in the industry.
Source : http://online.wsj.com/article/SB10001424052702303978104577361852049752454.html?ru=MKTW&mod=MKTW
The closure of the International Growth Equity Fund, which invests in international stocks and has about $6.2 million in assets, underscores the larger troubles Nomura has faced as it tries to break into the competitive $12.4 trillion U.S. mutual fund industry.
When the investment bank entered the U.S. mutual fund market it promised to amass several billion dollars of assets under management and vault past other big players in the industry.
Source : http://online.wsj.com/article/SB10001424052702303978104577361852049752454.html?ru=MKTW&mod=MKTW
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