The new firm will be headquartered in Tokyo.

Tokyo-headquartered Daiwa Securities Group and Japanese telecommunications operator KDDI Corporation have joined forces to launch an asset management firm.

Daiwa will own 33.4 per cent, and KDDI Corp will own 66.6 per cent of the new firm, which will be called KDDI Asset Management, the firms said in a statement.

The director and president of the firm will be Takashi Fujita, and it will be headquartered in Tokyo.

The firm will serve customers through services surrounding asset management and financial planning.  It will look to develop financial services offerings through smartphone applications to reach a wide range of clients.

Daiwa Securities Group has businesses within several sectors of the financial services industry including retail, global markets, global investment banking, asset management, and investment. The firm has offices all over the world including New York, London and Paris.