Komori
Maruhachi Securities (8700) · TargetContinued shift in the composition of investment trust revenue

Transition to a revenue structure less dependent on market conditions through the expansion of assets under custody in investment trusts

First written in FY2016. 16 of 34 entries say "Advanced", first in FY2018-Q2. Latest entry: FY2026.

34entries
11years
2from disclosures
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How it moved
ProgressHeldSoftenedWorseWorsenedFY2020-Q1 – FY2021-Q2AdvancedFY2021-Q3 – FY2022-Q3AdvancedFY2024-Q1 – FY2025-H12016: 120162017: 220172018: 420182019: 420192020: 420202021: 420212022: 420222023: 420232024: 320242025: 120252026: 32026
Same theme, other companies
Shift from reliance on trading commissions to asset management based on assets-under-management-linked feesA theme 8 companies write about · 0 as a headwind · 9 as a tailwind

The whole theme swung hardest in 2020: 1 of 7 companies on the "Worse" side.

0 other companies' latest entry also says "Other".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. FY2026Continued shift in the composition of investment trust revenueAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥596 million, down 15.6% year on year. This was mainly due to a decrease in investment fund sales commissions. Other fees received amounted to ¥344 million, up 23.5% year on year. This was mainly due to an increase in investment fund trust fees.」

    Within investment fund-related revenue, sales commissions decreased 15.6% year on year, while other fees received, primarily consisting of trust fees, increased 23.5%.
  3. FY2026-H1Changes in the composition of investment fund revenueAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥271 million, down 29.9% year on year. This was mainly due to a decrease in investment fund sales commissions. Other fees received amounted to ¥158 million, up 21.3% year on year. This was mainly due to an increase in investment fund trust fees.」

    Within investment fund-related revenue, sales commissions decreased 29.9% year on year, while other fees received, primarily consisting of trust fees, increased 21.3%.
  4. FY2025-H1AdvancedAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥388 million, up 34.3% year on year. This was mainly due to an increase in investment fund sales commissions. Other fees received amounted to ¥130 million, up 67.2% year on year. This was mainly due to an increase in investment fund trust fees.」

    Investment fund sales commissions increased 34.3% year on year, while other fees received, primarily consisting of trust fees, increased 67.2%, indicating a year-on-year increase in revenue indicators through investment funds.
  5. FY2024AdvancedAnnual report

    「Other fees received amounted to ¥174 million, up 40.0% year on year. This was mainly due to an increase in investment fund trust fees.」

    Other fees received, primarily consisting of investment fund trust fees, amounted to ¥174 million, up 40.0% year on year, indicating improvement in indicators related to stable revenue through investment funds.
  6. FY2024-Q3AdvancedAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥410 million, up 119.0% year on year. This was mainly due to an increase in investment fund sales commissions. Other fees received amounted to ¥122 million, up 31.2% year on year. This was mainly due to an increase in investment fund trust fees.」

    Investment fund sales commissions increased 119.0% year on year, while other fees received, primarily consisting of trust fees, increased 31.2%, and the increase in revenue indicators through investment funds has continued.
  7. FY2024-Q2AdvancedAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥289 million, up 118.3% year on year. This was mainly due to an increase in investment fund sales commissions. Other fees received amounted to ¥78 million, up 24.6% year on year. This was mainly due to an increase in investment fund trust fees.」

    Investment fund sales commissions increased 118.3% year on year, while other fees received, primarily consisting of trust fees, increased 24.6%, and the increase in revenue indicators through investment funds has continued.
  8. FY2024-Q1AdvancedAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥121 million, up 106.7% year on year. This was due to an increase in investment fund sales commissions. Other fees received amounted to ¥34 million, up 9.7% year on year. This was mainly due to an increase in investment fund trust fees.」

    Investment fund sales commissions increased 106.7% year on year, while other fees received, primarily consisting of trust fees, increased 9.7%, indicating year-on-year improvement in revenue indicators through investment funds.
  9. FY2023WorsenedAnnual report

    「Under the medium-term management plan formulated in September 2022, we aim to achieve assets under custody of ¥240 billion and monthly investment fund contributions of ¥150 million by the end of March 2025. At the end of the fiscal year, assets under custody amounted to ¥193.0 billion, and monthly investment fund contributions amounted to ¥56 million.」

    Although the new metrics for investment fund expansion remain in place, monthly contributions were ¥56 million at the end of the fiscal year, compared with the target of ¥150 million by the end of March 2025.
  10. FY2023-Q3WorsenedAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥187 million, down 47.6% year on year. This was mainly due to a decrease in investment fund sales commissions. Other fees received amounted to ¥93 million, down 27.5% year on year. This was mainly due to a decrease in investment fund trust fees.」

    Investment fund sales commissions and trust fees decreased significantly year on year, and revenue indicators related to generating stable revenue through growth in investment fund assets under custody have deteriorated.
  11. FY2023-Q2ReframedAnnual report

    「③ Numerical targets As of the end of March 2025, we aim to achieve the following targets. The figures in parentheses are as of the end of March 2022. 2) Monthly investment fund contributions: ¥150 million (¥28 million)」

    The investment fund expansion metric has been redefined, shifting from the previous ¥100 billion investment fund assets-under-custody target to a target of monthly investment fund contributions of ¥150 million by the end of March 2025.
  12. FY2023-Q1WorsenedAnnual report

    「Fees for handling offerings, secondary offerings and sales solicitations to specified investors amounted to ¥58 million, down 52.8% year on year. This was mainly due to a decrease in investment fund sales commissions. Other fees received amounted to ¥31 million, down 25.2% year on year. This was mainly due to a decrease in investment fund trust fees.」

    Investment fund sales commissions and trust fees decreased year on year, again indicating deterioration in revenue indicators through investment funds.
  13. FY2022WorsenedAnnual report

    「Under the medium-term management plan revised in April 2019, we aim to build assets under custody to ¥320 billion by the end of March 2022, including ¥100 billion in investment fund assets. At the end of the fiscal year, assets under custody amounted to ¥197.8 billion, including ¥33.1 billion in investment fund assets.」

    The deadline for the March 2022 target of ¥100 billion in investment fund assets under custody has arrived, but the actual balance was ¥33.1 billion, leaving a gap against the target.
  14. FY2022-Q3AdvancedAnnual report

    「Other fees received amounted to ¥129 million, up 32.8% year on year. This was mainly due to an increase in investment fund trust fees.」

    Other fees received increased 32.8% year on year, primarily due to the increase in investment fund trust fees, resulting in an increase in revenue indicators through investment funds.
  15. FY2022-Q2AdvancedAnnual report

    「Other fees received amounted to ¥86 million, up 43.8% year on year. This was mainly due to an increase in investment fund trust fees.」

    Other fees received increased 43.8% year on year, primarily due to investment fund trust fees.
  16. FY2022-Q1AdvancedAnnual report

    「Other fees received amounted to ¥41 million, up 49.6% year on year. This was mainly due to an increase in investment fund trust fees.」

    Although the status of progress toward the ¥100 billion investment fund assets-under-custody target and the balance at the end of the quarter are not stated, other fees received, primarily consisting of investment fund trust fees, increased 49.6% year on year.
  17. FY2021AdvancedAnnual report

    「Against this backdrop, we aim to reach ¥100 billion in investment fund assets under custody by March 2022 and stabilize management through an increase in trust fees. At the end of the fiscal year, assets under custody amounted to ¥194.8 billion, including ¥34.7 billion in investment fund assets.」

    The March 2022 target of ¥100 billion in investment fund assets under custody remains in place, while year-end investment fund assets increased from ¥24.8 billion in the previous fiscal year to ¥34.7 billion.
  18. FY2021-Q3AdvancedAnnual report

    「Other fees received amounted to ¥97 million, up 4.3% year on year. This was mainly due to an increase in investment fund trust fees.」

    Other fees received increased 4.3% year on year, primarily due to investment fund trust fees, indicating an increase in revenue indicators from investment funds.
  19. FY2021-Q2WorsenedAnnual report

    「Other fees received amounted to ¥60 million, down 8.1% year on year, mainly due to the decrease in investment fund trust fees, among other factors, while total fees received amounted to ¥774 million, up 42.6%.」

    Although total fees received increased, investment fund trust fees amounted to ¥60 million, down 8.1% year on year, and the decline in indicators related to generating stable revenue through growth in investment fund assets under custody has continued.
  20. FY2021-Q1WorsenedAnnual report

    「Other fees received amounted to ¥27 million, down 19.5% year on year, due to the decrease in investment fund trust fees,」

    Investment fund trust fees amounted to ¥27 million, down 19.5% year on year, and the decline in revenue indicators related to generating stable revenue through growth in investment fund assets under custody has continued.
  21. FY2020WorsenedAnnual report

    「Against this backdrop, we aim to reach ¥100 billion in investment fund assets under custody by March 2022 and stabilize management through an increase in trust fees. At the end of the fiscal year, assets under custody amounted to ¥155.1 billion, including ¥24.8 billion in investment fund assets.」

    The ¥100 billion investment fund assets-under-custody target through March 2022 remains in place, but the year-end balance is stated as ¥24.8 billion, clearly showing the gap against the target.
  22. FY2020-Q3WorsenedAnnual report

    「Other fees received amounted to ¥93 million, down 37.0% year on year, mainly due to the decrease in investment fund trust fees, among other factors, while total fees received amounted to ¥885 million, up 5.7%.」

    Investment fund trust fees amounted to ¥93 million, down 37.0% year on year. The decline in revenue indicators related to shifting to a revenue structure less dependent on market conditions through growth in investment fund assets under custody has continued.
  23. FY2020-Q2WorsenedAnnual report

    「Other fees received amounted to ¥65 million, down 38.7% year on year, mainly due to the decrease in investment fund trust fees, among other factors,」

    Investment fund trust fees amounted to ¥65 million, down 38.7% year on year, and the deterioration in revenue indicators related to generating stable revenue through growth in investment fund assets under custody has continued.
  24. FY2020-Q1WorsenedAnnual report

    「Fees from offerings, sales and sales solicitations to specified investors amounted to ¥79 million, down 54.4% year on year, due to a decrease in investment trust sales commissions. Other fees received amounted to ¥34 million, down 34.5% year on year, due to a decrease in investment trust fees」

    Investment fund sales commissions and trust fees have decreased year on year, and revenue indicators related to generating stable revenue through growth in investment fund assets under custody have deteriorated. The status of progress toward the ¥100 billion investment fund assets-under-custody target itself is not stated.
  25. FY2019SoftenedAnnual report

    「Against this backdrop, the company aims to reach investment trust balances of ¥100 billion by March 2022 and stabilize management by increasing investment trust fees.」

    The target of ¥100 billion in investment trust balances and the use of investment trust fees to stabilize management remain unchanged, but the deadline has been extended from the end of March 2021 to March 2022.
  26. FY2019-Q3AdvancedAnnual report

    「Other fees received amounted to ¥148 million, up 10.3% year on year, due to an increase in investment trust fees. Total fees received amounted to ¥837 million, down 23.3% year on year.」

    Investment trust fees amounted to ¥148 million, up 10.3% year on year. This filing does not state whether the target of ¥100 billion in investment trust balances was achieved.
  27. FY2019-Q2AdvancedAnnual report

    「Other fees received amounted to ¥106 million, up 20.7% year on year, due to an increase in investment trust fees. Total fees received amounted to ¥616 million, down 13.0% year on year.」

    Investment trust fees amounted to ¥106 million, up 20.7% year on year. This filing does not state whether the target of ¥100 billion in investment trust balances was achieved.
  28. FY2019-Q1AdvancedAnnual report

    「Other fees received amounted to ¥52 million, up 24.5% year on year, due to an increase in investment trust fees. Total fees received amounted to ¥368 million, down 10.6% year on year.」

    Investment trust fees amounted to ¥52 million, up 24.5% year on year. This filing does not state whether the target of ¥100 billion in investment trust balances was achieved.
  29. FY2018SoftenedAnnual report

    「Against this backdrop, the company aims to reach investment trust balances of ¥100 billion by March 2021 and stabilize management by increasing investment trust fees. Assets under custody at the end of the fiscal year amounted to ¥193.8 billion, including investment trust balances of ¥37.3 billion.」

    The target of ¥100 billion in investment trust balances and the use of investment trust fees to stabilize management remain unchanged, but the deadline has changed from the end of March 2020 to March 2021. Investment trust balances at the end of the fiscal year were ¥37.3 billion.
  30. FY2018-Q3AdvancedAnnual report

    「Other fees received amounted to ¥134 million, up 18.7% year on year, due to an increase in investment trust fees. Total fees received amounted to ¥1,092 million, up 28.1% year on year.」

    Investment trust fees amounted to ¥134 million, up 18.7% year on year. Whether the target of ¥100 billion in investment trust balances was achieved is not stated.
  31. FY2018-Q2AdvancedAnnual report

    「Other fees received amounted to ¥88 million, up 11.7% year on year, due to an increase in investment trust fees. Total fees received amounted to ¥708 million, up 33.9% year on year.」

    Investment trust fees amounted to ¥88 million, up 11.7% year on year. This filing does not state whether the target of ¥100 billion in investment trust balances was achieved.
  32. FY2017WorsenedAnnual report

    「Other fees received amounted to ¥153 million, down 39.1% year on year, due to a decrease in investment trust fees resulting from the decline in investment trust balances. Total fees received amounted to ¥1,285 million, down 40.6% year on year. Against this backdrop, the company aims to reach investment trust balances of ¥100 billion by the end of March 2020 and stabilize management by increasing investment trust fees.」

    Although investment trust fees declined due to a decrease in investment trust balances, the company set a new target of reaching investment trust balances of ¥100 billion by the end of March 2020.
  33. FY2016First statedAnnual report

    「The company will seek to increase assets under custody in investment trusts and move toward a revenue structure less susceptible to market conditions.」

    The company aims to transition to a revenue structure less susceptible to market conditions by increasing assets under custody in investment trusts.
Moved together

"Changes in fees received and other revenue due to stock, bond and foreign exchange market conditions" moved the same way as this thread, in the same document, in 14 of its 34 moves.

141211975★123456
  1. ★This thread
  2. 1Changes in fees received and other revenue due to stock, bond and foreign exchange market conditions14×
  3. 2Market Fluctuation Risk in Proprietary Trading12×
  4. 3Uncertainty in overseas economies and financial markets associated with the downturn in emerging-market economies, the UK's withdrawal from the EU, and the transition to a new US administration11×
  5. 4Sales of stocks, investment trusts and foreign-currency-denominated bonds9×
  6. 5¥300 billion in assets under custody, including ¥100 billion in investment trusts, by the end of March 20207×
  7. 6Establishing a solid sales base centered on their home prefecture of Aichi5×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Maruhachi Securities's next results are scheduled for 2026-10-30. Read the earnings preview It last moved in the Earnings of 2026-04-30: "Other".
News
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Transition to a revenue structure less dependent on market conditions through the expansion of assets under custody in investment trusts | Maruhachi Securities Co.,Ltd. (8700) | Komori