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February 26, 2014updated 04 Apr 2017 2:28pm

DAX given license to Nikko Asset Management to underlie passive mutual fund in Japan

Deutsche Börse has announced that the DAX index has been licensed to Nikko Asset Management Co. to serve as the basis for a passive mutual fund that will be available on March 10.

By Verdict Staff

Deutsche Börse has announced that the DAX index has been licensed to Nikko Asset Management Co. to serve as the basis for a passive mutual fund that will be available on March 10.

Hartmut Graf, CEO, STOXX, said: "DAX is the most trusted and reliable measure of Germany’s leading companies and serves as one of the top underlyings for financial products worldwide. The new fund by Nikko Asset Management will allow Japanese investors to access the index’s performance."

STOXX Ltd. is also the marketing agent for the indices of Deutsche Börse AG and SIX, including amongst others the DAX index.

Graf added: "This also is a major step in the growth strategy, as Asia continues to be an important market."

Kunihiro Asai, global head of Product / Head of Product Development & Management Division, Nikko AM, said: "In light of the launch of Japanese ISA (a tax-exempt investment account) last month, cross-border investment particularly via index funds has been in the limelight here in Japan. To maximize the opportunity, we have been actively building our portfolio of international ETFs and mutual funds. We are delighted to provide Japanese investors access to DAX, an established index of leading, world-renowned blue-chip companies in Germany."

The DAX measures the development of the 30 largest and most liquid companies on the German equities market and represents around 80 percent of the market capitalization authorized in Germany. It currently serves as the basis for more than 200,000 financial products and is one of the largest underlyings globally.

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