Deregulation to stoke fight for rich Japanese
Once Japan’s banks get the green light to sell separately managed accounts to the country’s wealthy, they will go all out to grab the business from brokerages, said Toshihiro Miyake, a partner at the Japanese arm of consulting firm Accenture Ltd.
“If the restriction on banks is lifted, naturally they will compete with brokerages just like they did in investment trusts,” Miyake said.
“The business environment is not the same as in Europe and the U.S.,” he said. “But it is moving in that direction.”