"Subsidy Granted in Relation to 'Costs of Outsourcing Middle and Back Office Operations'"
In the "Global Financial City: Tokyo" Vision released by the Tokyo Metropolitan Government (TMG) on November 10, 2017, "support for organization building of asset management businesses" was listed as one initiative to be taken to achieve the vision. Based on this guideline, the TMG has established a system in which a subsidy is provided to partially cover the costs of outsourcing middle and back office operations. To be eligible for this scheme, the subsidized business as well as the outsourcing provider must receive TMG recognition as a "Qualified Emerging Asset Manager" (Qualified EM)1 and "Qualified Outsourcing Provider" 2, respectively. The TMG is now calling for applications from businesses wishing to receive this recognition.
1 Eligible applicants
"Emerging Asset Managers, etc." and "Trust Banks, BPO service providers, etc." that wish recognition by the TMG as a "Qualified EM" and "Qualified Outsourcing Provider", respectively, as set forth in the FY 2018 Outline of Subsidy Granted in Relation to 'Costs of Outsourcing.
Application form（Qualified Outsourcing Provider）
Application form（Qualified EM）
2 Application period
From Friday, April 27, 2018, to 3:00 p.m., Friday, December 28, 2018. The call for applications may close earlier than noted above if it is projected that subsidies would exceed the amount budgeted.
The Selection Committee will decide on granting this recognition based on application documents and interviews.
1 Qualified EM: An emerging asset manager or an overseas asset manager newly developing business in Tokyo, which has received recognition by the TMG.
2 Qualified Outsourcing Provider: Trust banks, BPO service providers and others recognized by the TMG as a provider of middle and back office operations for the asset management business.
◆List of Qualified Outsourcing Providers(As of October 2, 2018)
|XNET Corporation||3rd Financial Sector||03-5367-2204|
|SUMITOMO MITSUI TRUST BANK, LIMITED||Asset Services Promotion Department||03-6256-3494|
|Nomura Research Institute, Ltd.||Asset Management Systems Business Department||045-613-7149|
|Mitsubishi UFJ Trust and Banking Corporation||Investor Services Business Division||03-6214-6522|
|State Street Trust & Banking Co., Ltd.||Relationship Management Department||03-4530-7069|