SBI Global Asset Management Co., Ltd.

Business Details

An investment management business that establishes, offers, and manages publicly offered open-end equity investment trusts and privately placed bond-type investment trusts under the Financial Instruments and Exchange Act. Centered on three core companies—SBI Asset Management, SBI Okasan Asset Management, and Rheos Capital Works—the business is expanding assets under management (AUM) through three pillars: publicly offered investment trusts for individual investors, privately placed investment trusts for regional financial institutions, and Alternative Investment Management. As of the end of FY2026 (ending March 2026), the Group's AUM surpassed ¥13 trillion.

Recent Overview

Segment net sales grew 2.70x year-on-year following the establishment of a three-company structure and AUM surpassing ¥13 trillion.

In September 2025, SBI Okasan Asset Management Co., Ltd. (51% stake acquired via simplified share delivery) and, in December 2025, SBI Leos Hifumi Co., Ltd. was absorbed through a merger (effective date December 1, 2025), newly consolidating Rheos Capital Works and others. As a result, 11 companies were newly added to the scope of consolidation, and segment net sales expanded sharply from ¥9,751 million to ¥26,332 million, up 170.0% year-on-year. SBI Asset Management (high-dividend equity funds), SBI Okasan Asset Management (ROBOPRO Fund), and Rheos Capital Works (Hifumi Crossover Pro) each expanded AUM leveraging their respective strengths, and the Group's overall AUM surpassed ¥13 trillion as of the latest period.

Key Products

Growth Drivers

• Establishment of the three-company structure through the consolidation of SBI Okasan Asset Management as a subsidiary (September 2025) and the absorption-type merger of SBI Leos Hifumi (December 2025), leading to a dramatic expansion in AUM
• SBI Asset Management's quarterly-distribution high-dividend equity fund series has captured individual investors' demand for stable distributions, with capital inflows continuing to expand alongside the spread of the new NISA system
• Accelerated capital inflows driven by the ROBOPRO Fund's strong investment performance and the rapid expansion of AUM at SBI Okasan Asset Management
• Hifumi Crossover Pro established a competitive advantage as a fund incorporating unlisted equities, aided by regulatory easing tailwinds, contributing to growth in AUM at Rheos Capital Works
• Positioning alternative assets (private credit, real estate, infrastructure, etc.) and the digital domain as new growth drivers, alongside strengthened collaboration with world-class asset management firms
• Expansion of the global capital base through strengthened relationships with overseas sovereign wealth funds and institutional investors, and business foundation expansion through acquisitions of leading overseas asset managers
• Expanded customer touchpoints and stable capital inflows through the sophistication of the direct sales model

Risks

• Profitability pressure due to intensifying competition among asset managers in the investment trust market and a declining trend in average trust fee rates
• Risk of decline in AUM due to fluctuations in equity and bond markets (with direct impact on trust fee income)
• Integration costs and goodwill impairment risk associated with newly consolidated subsidiaries (11 companies in total from the SBI Okasan Group and Rheos Group)
• Foreign exchange risk in overseas operations, including the U.S.-based Carret
• Constraints on business development due to financial regulatory and legal changes (regulations on crypto-asset funds, restrictions on incorporating unlisted equities, etc.)
• Risk of key personnel departures and deterioration in investment performance associated with integrating the differing investment philosophies and organizational cultures of the three companies
• Increased operational risk and rising system-related costs associated with the rapid expansion of AUM to the ¥13 trillion scale