Business Model Transformation
First written in FY2016. 14 of 39 entries say "Advanced", first in FY2021-Q3. Latest entry: 2026-10-15.
The whole theme swung hardest in 2020: 1 of 7 companies on the "Worse" side.
5 other companies' latest entry also says "Advanced".
- 2026-10-15AdvancedRevision of earnings forecasts
「当四半期の業績は、投資信託の販売手数料が減少したものの、国内株委託手数料や中国株手数料、投資信託の代行手数料が増加したため、営業利益や経常利益、親会社株主に帰属する四半期純利益は大幅な増益となりました。」
投資信託販売手数料と代行手数料の動きが分かれ、代行手数料の増加が増益要因として示された。収益モデル改革の進展を実績で確認している。 - FY2026AdvancedAnnual report
「During the consolidated fiscal year, we focused on mutual fund sales. Mutual fund sales commissions were ¥2.962 billion, up ¥767 million from the previous consolidated fiscal year, while trust fees (agency fees) were ¥2.801 billion, up ¥325 million.」
Under the revenue model based on mutual fund sales, both flow revenue and recurring revenue increased. - FY2026-H1AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.514 billion, as the offering amount for equity investment trusts increased to ¥57.1 billion (up 34.2% from the previous interim consolidated accounting period).」
The offering amount and handling fees for mutual funds exceeded the year-earlier period, indicating progress in reforming the revenue model around mutual fund sales. - FY2025Mutual fund sales commissions declined, while agency fees increased.Annual report
「Mutual fund sales commissions were ¥2.195 billion, down ¥1.022 billion from the previous consolidated fiscal year, while trust fees (agency fees) were ¥2.475 billion, up ¥472 million.」
Flow revenue from mutual fund sales declined, while recurring revenue from trust fees increased, resulting in mixed progress in the revenue model across the measures. - FY2025-H1AdvancedAnnual report
「To stabilize performance, we partially revised the Sixth Medium-Term Management Plan in October 2023 and worked to increase trust fees by increasing equity mutual fund assets.」
We continue to pursue higher trust fees through growth in mutual fund assets as a means of stabilizing revenue. Under the revised plan, targets for the end of March 2028 were set at equity mutual fund assets of at least ¥500 billion and NISA account assets of at least ¥104 billion. - FY2024AdvancedAnnual report
「During the consolidated fiscal year, we focused on mutual fund sales. Mutual fund sales commissions were ¥3.217 billion, up ¥986 million from the previous consolidated fiscal year, while trust fees (agency fees) were ¥2.003 billion, up ¥185 million.」
Under the revenue model based on mutual fund sales, both sales commissions and trust fees (agency fees) exceeded the previous fiscal year. - FY2024-Q3RaisedAnnual report
「New NISA accounts - 60,000 accounts」
Following the revision of the medium-term management plan, a new target of 60,000 NISA accounts was established. - FY2024-Q2AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.607 billion, as the offering amount for equity investment trusts increased to ¥59.8 billion (up 67.1% year on year).」
The offering amount and handling fees for mutual funds exceeded the year-earlier period, indicating progress in reforming the revenue model around mutual fund sales. - FY2024-Q1AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥722 million, as the offering amount for equity investment trusts increased to ¥27.0 billion (up 64.8% year on year). Other receipt fees amounted to ¥525 million (up 1.1% year on year), as life insurance agency fees increased to ¥34 million (up 39.9% year on year), despite agency fees declining to ¥458 million (down 0.6% year on year).」
The offering amount and handling fees for mutual funds significantly exceeded the year-earlier period, and other receipt fees also increased. Agency fees declined slightly, however, resulting in mixed progress in the revenue model reform across the measures. - FY2023-Q3WorsenedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.690 billion, as the offering amount for equity investment trusts declined to ¥60.5 billion (down 38.4% year on year). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥1.567 billion, as the average balance of assets under custody in equity investment trusts declined to ¥256.4 billion (down 11.7% year on year).」
Under the revenue model based on mutual fund sales, the offering amount and handling fees, as well as the average balance of assets under custody and agency fees, all fell below the year-earlier period, and performance deteriorated. - FY2023-Q2WorsenedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥985 million, as the offering amount for beneficiary certificates declined to ¥35.8 billion (down 47.2% year on year). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥1.049 billion, as the average balance of assets under custody in equity investment trusts declined to ¥259.9 billion (down 9.1% year on year).」
Under the revenue model based on mutual fund sales, the offering amount, handling fees, average balance of assets under custody, and agency fees all fell below the year-earlier period, and performance deteriorated. - FY2023-Q1WorsenedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥450 million, as the offering amount for equity investment trusts declined to ¥16.3 billion (down 55.6% year on year). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥518 million, as the average balance of assets under custody in equity investment trusts declined to ¥258.9 billion (down 9.1% year on year).」
Handling fees, offering amounts, average balances of assets under custody, and agency fees from mutual fund sales all fell below the year-earlier period, and performance in the revenue model reform deteriorated. - FY2022Mutual fund sales commissions declined, while agency fees increased.Annual report
「During the consolidated fiscal year, we focused on mutual fund sales, but sales stagnated from January onward as investor sentiment weakened following Russia’s invasion of Ukraine and other factors. Mutual fund sales commissions were ¥3.192 billion, down ¥179 million from the previous consolidated fiscal year, while trust fees (agency fees) were ¥2.009 billion, up ¥388 million.」
Although mutual fund sales continued, sales commissions declined while trust fees (agency fees) increased, resulting in mixed progress in the revenue model across the measures. - FY2022-Q3AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥2.747 billion, as the offering amount for equity investment trusts increased to ¥98.2 billion (119.8% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥1.640 billion, as the average balance of assets under custody in equity investment trusts increased to ¥290.4 billion (130.3% of the year-earlier quarter).」
The offering amount, handling fees, average balance of assets under custody, and agency fees for equity investment trusts all exceeded the year-earlier period, indicating progress in reforming the revenue model around mutual funds. - FY2022-Q2AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.925 billion, as the offering amount for equity investment trusts increased to ¥67.9 billion (139.0% of the year-earlier quarter). Agency fees for securities investment trusts amounted to ¥1.074 billion, as the average balance of assets under custody in equity investment trusts increased to ¥286.0 billion (134.0% of the year-earlier quarter).」
The offering amount, handling fees, average balance of assets under custody, and agency fees for equity investment trusts all exceeded the year-earlier period, indicating progress in reforming the revenue model around mutual funds. - FY2022-Q1AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.056 billion, as the offering amount for equity investment trusts increased to ¥36.9 billion (214.4% of the year-earlier quarter).」
The offering amount and handling fees for equity investment trusts significantly exceeded the year-earlier period. In addition, the average balance of assets under custody in equity investment trusts increased to ¥284.9 billion (142.1% of the year-earlier quarter), and agency fees amounted to ¥522 million (140.9% of the year-earlier quarter). - FY2021AdvancedAnnual report
「During the consolidated fiscal year, we focused on selling Chinese equity mutual funds, our dedicated funds. Mutual fund sales commissions were ¥3.372 billion, up ¥745 million from the previous consolidated fiscal year, while trust fees (agency fees) were ¥1.621 billion, up ¥210 million.」
Through the sale of Chinese equity mutual funds, both mutual fund sales commissions and trust fees (agency fees) exceeded the previous fiscal year, indicating progress in the revenue model reform. - FY2021-Q3AdvancedAnnual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥2.290 billion, as the offering amount for equity investment trusts increased to ¥82.0 billion (112.5% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥1.251 billion, as the average balance of assets under custody in equity investment trusts increased to ¥222.8 billion (111.0% of the year-earlier quarter).」
The offering amount, handling fees, average balance of assets under custody, and agency fees for mutual funds all exceeded the year-earlier period, indicating progress toward reforming the revenue model. - FY2021-Q2Mutual fund sales and assets under custody increased, while other receipt fees declined slightly.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.329 billion, as the offering amount for equity investment trusts increased to ¥48.8 billion (110.7% of the year-earlier quarter). Agency fees for securities investment trusts increased as the average balance of assets under custody in equity investment trusts rose to ¥213.4 billion (108.3% of the year-earlier quarter), but other receipt fees amounted to ¥795 million (98.6% of the year-earlier quarter) because insurance agency fees declined by ¥32 million.」
The offering amount, handling fees, average balance of assets under custody, and agency fees for mutual funds all exceeded the year-earlier period, while total other receipt fees declined slightly due to lower insurance agency fees. - FY2021-Q1Sales commissions, assets under custody, and agency fees all declined year on year.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥450 million, as the offering amount for equity investment trusts declined to ¥17.2 billion (71.0% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥370 million, as the average balance of assets under custody in equity investment trusts declined to ¥195.2 billion (97.7% of the year-earlier quarter).」
Under the revenue model based on mutual fund sales, the offering amount, handling fees, average balance of assets under custody, and agency fees all fell below the year-earlier period. - FY2020Sales commissions increased, while assets under custody and agency fees declined.Annual report
「Under this policy, during the consolidated fiscal year we focused on selling Chinese equity mutual funds, our dedicated funds. Mutual fund sales commissions were ¥2.627 billion, up ¥557 million from the previous consolidated fiscal year, while trust fees (agency fees) were ¥1.410 billion, down ¥54 million.」
We focused on selling Chinese equity mutual funds, and sales commissions increased, but agency fees declined, resulting in mixed progress in the revenue model reform across the measures. - FY2020-Q3Sales commissions and offering amounts increased, while assets under custody and agency fees declined.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.956 billion, as the offering amount for equity investment trusts increased to ¥72.8 billion (122.7% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥1.210 billion, as the average balance of assets under custody in equity investment trusts declined to ¥200.6 billion (95.3% of the year-earlier quarter).」
Handling fees and offering amounts from mutual fund sales exceeded the year-earlier period, while the average balance of assets under custody and agency fees fell below the year-earlier period. - FY2020-Q2Sales commissions exceeded the year-earlier period, while assets under custody and agency fees declined.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.190 billion, as the offering amount for equity investment trusts increased to ¥45.1 billion (105.5% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥805 million, as the average balance of assets under custody in equity investment trusts declined to ¥197.0 billion (90.3% of the year-earlier quarter).」
Handling fees from mutual fund sales exceeded the year-earlier period, while the average balance of assets under custody and agency fees fell below the year-earlier period. - FY2020-Q1Mutual fund sales commissions increased, while assets under custody and agency fees declined.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥641 million, as the offering amount for equity investment trusts increased to ¥24.2 billion (113.2% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥406 million, as the average balance of assets under custody in equity investment trusts declined to ¥198.5 billion (91.3% of the year-earlier quarter).」
Handling fees from mutual fund sales exceeded the year-earlier period, while the average balance of assets under custody and agency fees fell below the year-earlier period. - FY2019WorsenedAnnual report
「Under this policy, during the consolidated fiscal year we focused on selling thematic funds and other products with a focus on growth potential. However, mutual fund sales commissions were ¥2.069 billion, down ¥1.012 billion from the previous consolidated fiscal year, while trust fees (agency fees) were ¥1.465 billion, down ¥8 million.」
Although we focused on selling thematic funds and other products, both sales commissions and agency fees fell below the previous fiscal year, and performance in the revenue model reform deteriorated. - FY2019-Q3Sales commissions declined, while assets under custody and agency fees increased.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.635 billion, as the offering amount for equity investment trusts declined to ¥60.4 billion (69.2% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥1.375 billion, as the average balance of assets under custody in equity investment trusts increased to ¥210.5 billion (100.8% of the year-earlier quarter).」
Handling fees from mutual fund sales fell below the year-earlier period, while the average balance of assets under custody and agency fees exceeded the year-earlier period. - FY2019-Q2Sales commissions declined, while assets under custody and agency fees increased.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥1.180 billion, as the offering amount for equity investment trusts declined to ¥42.7 billion (78.6% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥942 million, as the average balance of assets under custody in equity investment trusts increased to ¥218.1 billion (106.8% of the year-earlier quarter).」
Handling fees from mutual fund sales fell below the year-earlier period, while the average balance of assets under custody and agency fees exceeded the year-earlier period. - FY2019-Q1Mutual fund sales declined, while assets under custody and agency fees increased.Annual report
「Handling fees for offerings, secondary distributions, solicitations to sell to specified investors and other transactions, consisting mainly of sales commissions for securities investment trusts, amounted to ¥586 million, as the offering amount for equity investment trusts declined to ¥21.4 billion (84.1% of the year-earlier quarter). Other receipt fees, consisting mainly of agency fees for securities investment trusts, amounted to ¥473 million, as the average balance of assets under custody in equity investment trusts increased to ¥217.4 billion (107.4% of the year-earlier quarter).」
In mutual fund sales, a means of reforming the revenue model, the offering amount and handling fees fell below the year-earlier period, while the average balance of assets under custody and agency fees increased. - FY2018RestatedAnnual report
「In addition, our group aims to secure stable revenue by expanding assets under custody, primarily through the expansion of its customer base. Under this policy, during the consolidated fiscal year we focused on selling thematic funds and other products with a focus on growth potential. Mutual fund sales commissions were ¥3.082 billion, up ¥552 million from the previous consolidated fiscal year, while trust fees (agency fees) were ¥1.473 billion, up ¥103 million.」
We continue to pursue a revenue model that secures stable revenue through the expansion of assets under custody and mutual fund sales. - FY2018-Q3RestatedAnnual report
「We are therefore currently working to reform our revenue structure by focusing on sales of investment trusts to increase assets under custody and secure stable recurring revenue.」
We continue to reform the revenue structure by expanding assets under custody and recurring revenue through mutual fund sales. - FY2018-Q2RestatedAnnual report
「We are therefore currently working to reform our revenue structure by focusing on sales of investment trusts to increase assets under custody and secure stable recurring revenue.」
We continue to reform the revenue structure by increasing assets under custody through mutual fund sales and securing stable recurring revenue. - FY2018-Q1RestatedAnnual report
「We are therefore currently working to reform our revenue structure by focusing on sales of investment trusts to increase assets under custody and secure stable recurring revenue.」
We continue to pursue revenue structure reform by expanding assets under custody and recurring revenue through mutual fund sales. - FY2017RestatedAnnual report
「In addition, our group aims to secure stable revenue by increasing mutual fund assets on a net basis, thereby raising trust fees (agency fees). During the consolidated fiscal year, we focused on selling Japanese equity funds and other products, but」
The revenue model of increasing mutual fund assets on a net basis and generating stable revenue from trust fees has been maintained, with a focus on selling Japanese equity funds and other products. - FY2017-Q3RestatedAnnual report
「We are therefore currently working to reform our revenue structure by focusing on sales of investment trusts to increase assets under custody and secure stable recurring revenue.」
We continue to reform the revenue structure by increasing assets under custody through mutual fund sales and securing recurring revenue. - FY2017-Q2RestatedAnnual report
「We are therefore currently working to reform our revenue structure by focusing on sales of investment trusts to increase assets under custody and secure stable recurring revenue.」
We continue to reform the revenue structure by expanding assets under custody and recurring revenue through mutual fund sales. - FY2017-Q1RestatedAnnual report
「We are therefore currently working to reform our revenue structure by focusing on sales of investment trusts to increase assets under custody and secure stable recurring revenue.」
We continue to reform the revenue model by expanding assets under custody and recurring revenue through mutual fund sales. - FY2016First statedAnnual report
「① Revenue model reform: To further build assets under custody and expand the customer base, initiatives include advancing community-based sales, new customer acquisition using the Nippon Individual Savings Account (NISA) scheme as a lever, enhancing the range of products offered, expanding Chinese equity sales, and reforming the internet channel, among others.」
Several specific measures to expand assets under custody and the customer base are listed.