SBI Global Asset Management Co., Ltd.
4765・Prime Market・Services
Business
SBI Global Asset Management Co., Ltd. is a pure holding company under SBI Holdings, comprising two segments: the Asset Management Business and the Financial Services Business. In the Asset Management Business, three core companies—SBI Asset Management, SBI Okasan Asset Management, and Rheos Capital Works—establish, manage, and provide investment advisory services for publicly offered and privately placed investment trusts, with total assets under management surpassing ¥14 trillion as of the filing date. In the Financial Services Business, the company offers B2B2C-type information provision services through the Wealth Advisor Terminal for financial institutions, investment trust comparison and analysis tools, and financial information distribution. Its major customers span a wide range, including individual investors, institutional investors such as regional banks, and overseas sovereign wealth funds.
Business Model
The core of revenue is the trust fee (AUM-linked) earned from investment trusts established and managed by three asset management subsidiaries, a structure in which growth in assets under management directly translates into increased revenue. In FY2026 (ending March 2026), Asset Management Business revenue stood at ¥26,332 million, accounting for 94.5% of consolidated revenue. The Financial Services Business complements stable cash flow through subscription-type revenue such as tablet terminals and data provision for financial institutions. While securing sales channels through synergies with the SBI Group, the company is also advancing the sophistication of its direct sales model.
Company Strengths
SBI Asset Management (low-cost, high-dividend equity fund), SBI Okasan Asset Management (ROBOPRO Fund), and Rheos Capital Works (Hifumi Crossover Pro, etc.) each possess distinct strengths, providing a diverse range of products to both retail and institutional investors that competitors would find difficult to replicate in a short period. Assets under management surpassed ¥14 trillion in FY2026 (ending March 2026).
In FY2026 (ending March 2026), consolidated net sales reached ¥27,860 million (2.41x year-on-year), and consolidated ordinary income reached ¥5,589 million, marking 17 consecutive years of profit growth and record-high profits for 15 consecutive years. This long-term, sustained growth in revenue and profit has been achieved through the steady accumulation of trust fee income linked to the expansion of assets under management, combined with disciplined cost management.
Close collaboration with SBI SECURITIES, SBI Shinsei Bank, and other entities under parent company SBI Holdings provides access to the broad customer base and sales channels within the group. This represents a unique competitive advantage that independent asset management competitors would find difficult to build in a short period, supporting stable inflows of funds and the swift market launch of new products.
ENVALITH's Perspective
Performance Trend
Consolidated revenue for FY2026 (ending March 2026) reached ¥27,859 million (up 140.8% year on year), operating profit was ¥5,154 million (up 127.1%), ordinary profit was ¥5,589 million (up 117.9%), and profit attributable to owners of parent was ¥3,073 million (up 86.6%), with all indicators marking record highs. The primary drivers of growth were the contribution of 11 newly consolidated companies resulting from the consolidation of SBI Okasan Asset Management as a subsidiary (September 2025) and the absorption-type merger with SBI Leos Hifumi (December 2025), with revenue in the Asset Management Business expanding sharply by 170.0% year on year to ¥26,332 million. As an external factor, the resilience of the domestic equity market supported AUM expansion. Meanwhile, the Financial Services Business continued to contract, coming in at ¥1,527 million (down 16.0% year on year), which remains a structural challenge. Operating cash flow steadily accumulated to ¥2,681 million, and including the ¥18,253 million increase in cash and cash equivalents associated with the new consolidations, the fiscal year-end cash balance expanded to ¥21,848 million.
Growth Strategy
Aiming for AUM of ¥20 trillion by expanding assets under management through a three-company structure and entering the alternative investment and digital domains
SBI Asset Management (High Dividend Stock Fund series), SBI Okasan Asset Management (ROBOPRO Fund), and Rheos Capital Works (Hifumi Crossover Pro) will each develop distinctive products leveraging their respective strengths, driving the expansion of the Group's overall AUM.
Positioning alternative assets such as private credit, real estate, and infrastructure as new growth drivers, the Group will accelerate its evolution into a highly profitable business model through strengthened partnerships with world-class asset management firms and the acquisition of leading overseas asset managers. The consolidation of SBI Okasan Alternative Investment Co., Ltd. as a subsidiary (September 2025) marks the first step in this direction.
By building an asset management platform in collaboration with partners both within and outside the Group, and integrating everything from product design to transactions and settlement, the Group aims to deliver new investment experiences and diversify revenue opportunities.
The Group will strengthen relationships with overseas sovereign wealth funds and institutional investors to promote the capture of global capital, while continuing efforts to expand its business foundation through the acquisition of leading overseas asset managers. Overseas expansion through Carret Holdings (US) already serves as an existing foothold.
Last updated: July 19, 2026