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Daiwa Securities Group
- Strategy on Retail Business 17th December, 2014
Daiwa Securities Group Inc.
Deputy President, Head of Retail
Yoriyuki Kusaki
1
This presentation may contain forward-looking statements about the Daiwa Securities Group. You can identify these statements by the fact that they do not relate strictly to historic or current facts. These statements discuss future expectations, identify strategies, contain
projections of results of operations or of financial condition or state other “forward-looking” information. These statements are based on currently available information and represent the beliefs of the management of the Daiwa Securities Group. These statements are subject
to numerous risks and uncertainties that could cause the Daiwa Securities Group’s actual results, performance, achievements or financial condition to differ materially from those described or implied in the forward-looking statements. The Daiwa Securities Group undertakes
no obligation to publicly update any forward-looking statements after the date of this presentation. These potential risks and uncertainties include, but are not limited to: competition within the financial services industries in Japan and overseas, our ability to adjust our
business focus and to maintain profitable strategic alliances, volatile and sudden movements in the international securities markets, foreign exchange and global economic situations affecting the Daiwa Securities Group.
Daiwa Securities Group - Strategy on Retail Business Index
Index
Ⅰ- The Significance of the Retail Business to the Daiwa Securities Group
3
Ⅱ- Expanding the Stable Revenue Base
7
Ⅲ- Expanding the Wealth Management Business - focus on Inheritance Business -
12
Ⅳ- Areas to Improve the Retail Business
16
2
Ⅰ- The Significance of the Retail Business to the Daiwa Securities Group
3
Ⅰ- The Significance of the Retail Business to the Daiwa Securities Group
Medium Term Management Plan, “Passion for the Best” 2014
Daiwa Securities Group Management Vision
To become Asia’s leading financial services firm possessing and leveraging a solid business platform in Japan
Daiwa Securities Group Basic Management Policy
Establish a robust business structure capable of securing
profit even under stressful economic conditions
Achieve sustainable growth by linking Japan and growth of Asia
Outline of Medium Term Management Plan“Passion for the Best”2014
Establish a robust business structure immune to the external environment
environment and aspire to achieve sound growth based on a new growth
growth strategy
FY2012 Turnaround
Milestones
Milestones
FY2013 Growth
FY2014 Expansion
Basic Policy I: Return to profitability by pursuing management efficiencies
(Focus of execution in the first fiscal year)
„
Basic
Basic Policies
Policies
for
for
Medium
Medium Term
Term
Management
Management
Plan
Plan
Management
Management
Targets
Targets
„
Steadily implement the plan to reduce SG&A
Realize greater organizational efficiencies by shifting
personnel from the middle-and-back offices
to the front divisions
Basic Policy II: Achieve client based high-quality earnings growth
„ Drastically
expand our client base in Japan by investing management resources in the
retail and asset management businesses
-Expand stable earnings by increasing investment trusts and deposit balances„ Strengthen revenue capacity centered around the launch of the “New” Daiwa Securities
-Step up approaches to high net worth individuals and the middle market„ Rebuild our wholesale business
-Re-strengthen the brokerage business and build an efficient global network-
1. Consolidated Ordinary Income ［Initial FY］Return to Profitability ［Final FY］Over Y120bil 2. Fixed Cost Coverage Ratio ［Final FY 4Q annualized］Over 60%
4
Ⅰ- The Significance of the Retail Business to the Daiwa Securities Group
“Expansion” ≈ Aim for “Sustainable Growth”
For the final year of the Medium-Term Management Plan,
we will focus on expanding our client base, aiming for the group’s sustainable growth ( “Expansion” )
FY2014
FY2014
Sustainable Growth
Expansion
Expansion
5 Strengthen profitability with synergy
of integration between Retail and
Wholesale divisions
6
Rebuild wholesale business
► Strengthen IPO business
4
Expand new client base
centered on NISA
3
7
Focus on
wrap business
Expand client based
high-quality earnings
Expand overseas
business alliances
8
Strengthen profitability of
asset management business
（mutual funds, real estates）
2
Expand sales
organization
1
Evolve the unique combined
securities-banking business model
5
Ⅰ- The Significance of the Retail Business to the Daiwa Securities Group
Retail division acts as the main revenue generator of consolidated results
„
„
By
By further
further strengthening
strengthening the
the collaboration
collaboration with
with wholesale
wholesale division
division and
and other
other group
group companies,
companies, the
the retail
retail division
division acts
acts as
as the
the main
main
revenue
revenue generator
generator of
of consolidated
consolidated results
results
In
In terms
terms of
of stable
stable revenue,
revenue, the
the retail
retail division
division also
also contributes
contributes to
to the
the increase
increase in
in “Fixed
“Fixed cost
cost coverage
coverage ratio*”,
ratio*”, aa key
key management
management target
target
under
the
current
Medium
Term
Plan,
by
expanding
the
balance
of
bank
deposits
and
mutual
funds,
taking
advantage
under the current Medium Term Plan, by expanding the balance of bank deposits and mutual funds, taking advantage of
of our
our unique
unique
combined
combined securities-banking
securities-banking business
business model
model
„
„
Proportion of retail division results
to consolidated net operating revenues
Proportion of retail division results
to total stable revenues
（Y bil）
（Y bil）
1 00 %
6 00
Ot h e r s
54 1.9
Re t ail Divisio n
5 00
15 0
50 3.9
Re t ail Rat io
8 0%
12 0
6 0%
90
41 7.3
10 0%
Ot h e r s
Daiwa Ne xt Ban k
Asse t Man age m e n t Divisio n
Re t ail Divisio n
Re t ail Rat io
80 %
4 00
33 6.0
3 00
47.5%
44.2%
60 %
46.7%
45.8%
43.9%
47.2%
47.5%
52.0%
4 0%
60
40 %
2 0%
30
20 %
2 00
25 3.0
1 00
15 9.5
18 4.4
22 1.0
0
0%
FY2 0 1 1
FY2 0 1 2
FY2 0 1 3
FY 2 0 1 4 / 1 H
（ An n u alize d）
0
0%
FY 2 0 1 1
FY 2 0 1 2
FY 2 0 1 3
FY2 0 1 4 / 2 Q
（ An n u alize d）
* Fixed cost coverage ratio = Stable revenues / Fixed cost
6
Ⅱ- Expanding the Stable Revenue Base
7
Ⅱ- Expanding the Stable Revenue Base
Overview of Wrap Account Service
„
„
As
As wrap
wrap accounts
accounts quickly
quickly gained
gained recognition
recognition in
in Japan,
Japan, Daiwa’s
Daiwa’s AUM
AUM for
for wrap
wrap accounts
accounts also
also increased
increased rapidly.
rapidly.
In
In Japan,
Japan, the
the balance
balance of
of wrap
wrap accounts
accounts against
against individual
individual financial
financial assets
assets is
is substantially
substantially smaller
smaller compared
compared to
to the
the U.S.,
U.S., aa leading
leading
country
country in
in wrap
wrap business.
business. In
In Japan,
Japan, therefore,
therefore, there
there is
is aa huge
huge potential
potential to
to increase
increase the
the AUM
AUM of
of wrap
wrap accounts.
accounts.
„
„
Comparison of financial assets
between Japan and the U.S. (as at June, 2014)
AUM of Wrap accounts
（Y bil）
Household financial
assets
2 ,5 0 0
O th e rs
2 ,2 1 9
D aiw a
（Y tri）
（Y tri）
8,000
2 ,0 0 0
AUM of wrap accounts
（including institutions）
384
400
6,767
1 ,6 4 2
1 ,5 0 0
6,000
1 ,0 0 0
300
4.1X
4,000
233.6X
200
763
500
2,000
1,645
100
1.6
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
FY 2 0 1 1
FY 2 0 1 2
※All figures are as at the end of each quarter.
FY 2 0 1 3
FY 2 0 1 4
0
J apan
U. S .
0
J apan
U. S .
※$1＝Y101
（Source）Japan Investment Advisors Corporation、Bank of Japan、Money Management Institute、Daiwa Securities
8
Ⅱ- Expanding the Stable Revenue Base
Daiwa’s Strength in Wrap Business
„
„
„
„
„
„
Daiwa
Daiwa offers
offers an
an extensive
extensive line-up
line-up of
of investment
investment styles
styles for
for Daiwa
Daiwa Fund
Fund Wrap
Wrap and
and SMA
SMA services,
services, which
which enables
enables itit to
to make
make appropriate
appropriate proposals
proposals to
to meet
meet
diversified
diversified customer
customer needs.
needs.
By
By using
using the
the unique
unique combined
combined securities-banking
securities-banking business
business model,
model, Daiwa
Daiwa offers
offers aa package
package plan,
plan, ‘Daiwa
‘Daiwa Fund
Fund Wrap
Wrap and
and Yen
Yen Denominated
Denominated Time
Time
Deposit
Plan’,
which
has
contributed
to
the
increase
in
new
contracts.
Deposit Plan’, which has contributed to the increase in new contracts.
Contractual
Contractual amounts
amounts by
by existing
existing customers
customers have
have been
been increasing
increasing due
due to
to the
the strong
strong performance.
performance.
Extensive product line-ups
Performance of Daiwa Fund Wrap*
200
Conservative (Yutori Plus)
„ Contract
Fund Wrap
amount is from Y3.0 mil, the lowest in the
180
industry.
„ Most
（Apr. 2012 ～ Nov. 2014）
Balanced (Basic)
Aggressive
number of investment styles （more than 100）
160
„ Dedicated
SMA
SMA consultants give proposals and
support on investment styles to meet customer needs.
„ Large
140
range of investment styles exclusive to Daiwa
SMA.
120
Package plan with
yen denominated time deposit
100
„ Provided
by collaborating with Daiwa Next Bank, with the aim to help
first-time investors to take their first step.
80
by first-time investors have contributed to the increase in
new contracts.
FY2012
FY2013
FY2014
„ Contracts
Portofolio Style
Proportion of package plan
contracts among new Fund Wrap
contracts （FY 2014）
Package
Plan
Conservative (Yutori Plus)
Balanced (Basic)
Aggressive
Others
Performance
6 Months
1year
2years
＋8.8%
＋10.4%
＋37.8%
＋11.9%
＋15.0%
＋52.8%
＋16.0%
＋19.2%
＋81.3%
※ Reference date: as at Nov.28, 2014.
circa 30%
•
Performance based on model case scenarios where fund wrap-exclusive funds are held at the
standard allocation rate for each investment style (Index basis: 100 = Mar. 31, 2012; fund wrap fees
etc. are not taken into consideration)
9
Ⅱ- Expanding the Stable Revenue Base
Expansion of AUC of Investment Trusts
„
„
The
The AUC
AUC of
of investment
investment trusts
trusts has
has steadily
steadily increased
increased through
through measures
measures that
that meet
meet customer
customer needs,
needs, including
including advising
advising long-term
long-term
ownership
and
promoting
accumulative
investments.
ownership and promoting accumulative investments.
„
„
The
The AUC
AUC of
of investment
investment trusts
trusts in
in the
the retail
retail division
division posted
posted aa record
record high
high at
at the
the end
end of
of 2Q,
2Q, 2014;
2014; the
the AUC
AUC increased
increased further
further In
In
November.
November. An
An increase
increase in
in agency
agency fee
fee contributed
contributed to
to the
the expansion
expansion of
of stable
stable revenues.
revenues.
AUC of investment trusts in the retail division
（Y tri）
6
4
2
F Y2 0 0 5
F Y2 0 0 6
F Y2 0 0 7
F Y2 0 0 8
F Y2 0 0 9
F Y2 0 1 0
F Y2 0 1 1
F Y2 0 1 2
F Y2 0 1 3
N ov
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
4Q
2Q
3Q
1Q
4Q
3Q
2Q
1Q
4Q
3Q
2Q
1Q
0
F Y2 0 1 4
※All figures are as at the end of each quarter.
10
Ⅱ- Expanding the Stable Revenue Base
Evolving the Securities Banking Business Model (Foreign Currency Deposits)
„
„
„
„
In
In November
November 2014,
2014, Daiwa
Daiwa Next
Next Bank
Bank introduced
introduced aa sweeping
sweeping function
function for
for foreign
foreign currencies;
currencies; and
and itit increased
increased the
the number
number of
of foreign
foreign currencies
currencies itit
handles
handles from
from 66 to
to 10.
10.
The
The features
features of
of the
the sweeping
sweeping function
function include:
include:
9
9
9
9
Purchase
Purchase amount
amount for
for foreign
foreign denominated
denominated securities
securities products
products is
is automatically
automatically sent
sent from
from the
the Daiwa
Daiwa Next
Next Bank
Bank account
account to
to the
the Daiwa
Daiwa Securities
Securities account.
account.
Redemption
proceeds,
interests,
coupons,
and
dividends
from
foreign
currency
assets
are
automatically
sent
to
the
Daiwa
Next
Bank
Redemption proceeds, interests, coupons, and dividends from foreign currency assets are automatically sent to the Daiwa Next Bank account,
account, which
which offers
offers aa
relatively
relatively good
good interest
interest rate.
rate.
„
„
The
The improved
improved convenience
convenience has
has pushed
pushed up
up the
the number
number of
of newly
newly opened
opened foreign
foreign currency
currency deposit
deposit accounts
accounts at
at Daiwa
Daiwa Next
Next Bank
Bank by
by customers
customers who
who
own
own foreign
foreign assets
assets at
at Daiwa
Daiwa Securities.
Securities.
Introduction of a sweeping function for foreign currencies;
and an increase in handled foreign currencies
The value of foreign currency denominated deposits
at Daiwa Next Bank
（Y bil） Foreign currency deposit account opening status by customers
Daiwa
Daiwa Next
Next Bank
Bank
（foreign
（foreigncurrency
currency
deposit
depositaccount）
account）
Sweep
who own foreign currency assets at Daiwa Securities
300
Daiwa
Daiwa Securities
Securities
（foreign
（foreigncurrency
currencyaccount）
account）
foreign currency
deposit account
circa 40%
250
200
GBP
CAD
EUR
TRY
※As at end of Nov, 2014
150
USD
HKD
100
MXN
50
AUD
0
ZAR
2Q
NZD
3Q
FY 2 0 1 2
4Q
1Q
2Q
3Q
FY 2 0 1 3
4Q
1Q
2Q
No v
FY 2 0 1 4
※All figures are as at the end of each quarter.
※GBP, CAD, HKD, MXN were introduced in Nov, 2014.
11
Ⅲ- Expanding the Wealth Business - focus on Inheritance Business -
12
Ⅲ- Expanding the Wealth Business - focus on Inheritance Business -
Extensive Products and Services offered to the Wealth Business Customers
Needs as an individual
Asset
Management
Wrap Business
Real Estate
Consulting
Inheritance
Total Service
Needs as a company owner
Expand
Core Business
Inheritance
Donation
Business
Integration
Business
Succession
Pension Insurance
Medical Insurance
Tax
Advice
Business
Matching
Staff Benefits
Match the Wealth Business
customers’ needs
Introduce Certified
Tax Accountants
and Lawyers
(Daiwa Next Bank)
Securities-backed
Loans
M&A
401K
Profit
Stabilization
Business Insurance
Operational Lease
Wealth Asset Management
Wealth Asset Utilization
Bank Deposit
IPO
Overseas Services
(Business Expansion etc.)
13
Ⅲ- Expanding the Wealth Business - focus on Inheritance Business -
Developments Surrounding Inheritance
„
„
„
„
The
The inheritance
inheritance tax
tax will
will be
be increased
increased in
in 2015,
2015, after
after which
which the
the number
number of
of inheritance
inheritance tax
tax applicants
applicants and
and the
the amount
amount of
of inheritance
inheritance tax
tax
are
expected
to
rise.
are expected to rise.
More
More than
than half
half of
of the
the inherited
inherited property
property consists
consists of
of real
real estate;
estate; the
the value
value of
of assets
assets used
used to
to calculate
calculate inheritance
inheritance tax
tax has
has increased
increased due
due
to
to the
the rise
rise in
in land
land prices.
prices.
Increase in inheritance tax (from 2015)
Impact by the rise in land price
Breakdown of Inherited Property
Timing
Timing of
of
Application
Application
Present
Present
Post-reform
Post-reform
Until
Until 31
31 Dec.
Dec. 2014
2014
From
From 11 Jan.
Jan. 2015
2015
Savings ,
De pos its
e tc.
25.4%
Reduction of Basic Deduction
for Bequest
Fixed
Fixed Reduction
Reduction
Amount
Amount
50mil
50mil Yen
Yen
Number of
10mil
10mil Yen×
Yen×Legal Heirs
Land
45.9%
51.2% from
Real Estate
Se curitie s
30mil
30mil Yen
Yen
12.3% Hous ing
▲40%
Legal
Legal Heir
Heir
Proportional
Proportional
Reduction
Reduction
Othe rs
11.1%
5.3%
Number of
6mil
6mil Yen×
Yen× Legal Heirs
(Source) National Tax Agency, “Inheritance Tax Filed in 2012”
Increase of Maximum Tax Rate
Maximum
Maximum
Tax
Tax Rate
Rate
Rate
Rate is
is 50%
50%ififthe
the value
value of
of
acquired
acquired property
propertyis
is more
more
than
than 300
300 mil
mil Yen
Yen
Rate
Rate is
is 55%
55%ififthe
the value
value of
of
acquired
acquired property
propertyis
is more
more
than
than 600mil
600mil Yen
Yen
Road Price Ratings (2014)
„
The 2014 Road Price Ratings released by the National Tax
Agency showed a substantial increase in large city areas.
※The yoy increase rate for main maximum road prices of
prefectural capitals:
Nagoya City: 10.0%, Chuo Ward of Tokyo City; 9.7%,
Yokohama City: 7.8%, Saitama City: 7.1%, Osaka City: 6.2%
14
Ⅲ- Expanding the Wealth Business - focus on Inheritance Business -
Expanding the Inheritance Business
Generational
Change
Most
Most number
number
of
CFP
of CFP staff
staff
Tighten Asset
Taxation
Daiwa
Daiwa
Move out from
the deflationary
phase
Deploy
Deploy Inheritance
Inheritance Consultants
Consultants
Introduction
Introduction of
of Internal
Internal Qualification
Qualification
(Inheritance
Planner
(Inheritance Planner Qualification)
Qualification)
New career
path for
qualified staff
Inheritance
Inheritance Total
Total Service
Service
Family
Family Plus
Plus
Asset
Preservation
leading
leading provider
provider of
of
inheritance
inheritance business
business
services
services
Interests of wealth
business customers
¾
¾ Gateway
Gateway for
for branch’s
branch’s inheritance
inheritance related
related issues
issues
¾
¾ Starting
Starting from
from Jan.
Jan. 2015
2015 at
at 21
21 branches.
branches.
¾
¾ Focusing
Focusing on
on practical
practical solutions.
solutions.
¾
¾ Training
Training has
has started
started from
from Oct
Oct 2014
2014
¾
¾ Offer
Offer solutions
solutions relating
relating to
to inheritance
inheritance issues
issues
(pre-inheritance)
(pre-inheritance)
zzProperty evaluation; tax estimation; support will-writing etc.
Property evaluation; tax estimation; support will-writing etc.
(at
(at the
the time
time of
of inheritance)
inheritance)
zzInheritance procedures; tax estimation; heritage division;
Inheritance procedures; tax estimation; heritage division;
advice
advice on
on tax
tax payment
payment funds
funds and
and real
real estate
estate etc.
etc.
zzIntroduce specialists (tax accountant’s corporation,
Introduce specialists (tax accountant’s corporation,
judicial
judicial scrivener
scriveneretc.)
etc.)
inheritance
inheritance tax
tax payment
payment based
based on
on self
self assessment;
assessment;
tax
tax agency;
agency; registration
registration of
of inheritance
inheritance (real
(real estate)
estate)etc.
etc.
Knowledge to practice
¾
¾ Offer
Offer the
the family
family (presumptive
(presumptive heir)
heir) preferential
preferential services
services
depending
depending on
on the
the amount
amount of
of assets
assets under
under custody
custody
Strengthen
Strengthen our
our customer-based
customer-based approach,
approach, capture
capture asset
asset shift
shift and
and customers
customers of
of the
the next
next generation
generation
through
the
expansion
of
the
inheritance
business
through the expansion of the inheritance business
15
Ⅳ- Areas to Improve the Retail Business
16
Ⅳ- Areas to Improve the Retail Business
For Broader Range of Investors
Create services and platforms suitable for an era when
securities investments become part of people’s lives
Deflationary era
Post-deflationary era
Broader range of investors choose channels
according to their own needs
Focus on certain investors
Contact
Center
Branches
Branches
Enhancement of seamless collaboration
between each channels
Contact
Center
Retirees
Outbound
Asset
building
layer
Wealthy
Wealthy
SelfSelf-directed
investor
Diversification
of investors
Inbound
PC
SelfSelf-directed
investor
Smart
phone/
tablet
Support for
asset building
PC
Youth
Investor education and enlightenment
through each channel
Smart
phone/
tablet
17
Ⅳ- Areas to Improve the Retail Business
Use of Contact Centers and Smart Devices
„
„
„
„
„
„
Introduced
Introduced smart
smart devices
devices and
and contact
contact centers,
centers, which
which alternatively
alternatively receive
receive calls
calls coming
coming through
through the
the main
main switchboard
switchboard of
of branches/sales
branches/sales offices.
offices.
Branches/sales
Branches/sales offices
offices that
that have
have introduced
introduced the
the system
system have
have found
found that
that created
created more
more time
time has
has been
been created
created for
for sales
sales activities
activities including
including an
an
increase
increase in
in the
the number
number of
of client
client meetings.
meetings.
Contact
Contact centers
centers are
are scheduled
scheduled to
to be
be introduced
introduced to
to all
all branches/sales
branches/sales offices
offices by
by the
the end
end of
of FY2014.
FY2014.
Measures to improve operational efficiency
Increase opportunities to contact customers
Number of Client Meetings
Contact Centers
9 Assist branches/sales offices by alternatively receiving main
switchboard calls （to be introduced to all branches/sales offices by
March 2015）
n
＜Customer＞ o mai d
s t oar
l
l
Ca itchb
sw
（FY2014 monthly average）
1 50
Index: 1Q FY 2014＝100
Contact center （Tokyo ・ Osaka）
130
120
1 00
100
Sales office
Forward calls to sales offices
when necessary
Synergy effect
50
Smart Devices
9 Distributed PC tablets/smart phones to all sales staff （Jun. 2014）
¾Customer information
¾CRM coordination
¾Pitching materials
¾E-signature procedure
¾Investment information
0
All
branches/
全営業店
sales offices
11Q
Q
Branches/
代替受電
sales
offices
without
support by
未導入店
contact centers
Branches/
代替受電
sales
offices
with
support by
既導入店
contact centers
3 Q（
1 0 –～1
1 月）
3Q
（Oct.
Nov.
2014）
※A full-scale introduction of alternatively receiving calls by contact centers
started from July 2014. As at the end of November 2014, around half of
branches/sales offices have introduced the system.
18
Ⅳ- Areas to Improve the Retail Business
Retiree-focused planning service (‘Korekara-Life’)
„
„
„
„
We
We introduced
introduced aa retiree-focused
retiree-focused planning
planning service
service （’Korekara-Life’）to
（’Korekara-Life’）to all
all branches
branches (excludes
(excludes sales
sales offices)
offices) to
to provide
provide cash
cash flow
flow
analysis
and
the
most
appropriate
portfolio
designs
to
retired
or
soon-to-retire
customers.
analysis and the most appropriate portfolio designs to retired or soon-to-retire customers.
Fund
Fund Wrap
Wrap is
is the
the mainly
mainly proposed
proposed product,
product, while
while we
we also
also offer
offer products
products including
including mutual
mutual funds
funds and
and insurance
insurance according
according to
to customer
customer
needs.
needs.
Planning
Planning service
service
Cash
Cash flow
flow analysis
analysis
„ Ask customer’s life plan
„ Analyze cash flows up to retirement
„ Analyze cash flows post-retirement
Cash Flow Analysis
（Easy！Life Navi）
Solution
Solution
Portfolio
Portfolio designing
designing
„ Ask customer’s investment
experience and investment policy
„ Provide recommended portfolio
and future simulation results
Portfolio Recommendation
（Free portfolio Designing Service／
Service／
Hearing Sheet）
Sheet）
Product
Product offering
offering
„ Offer a variety of products in
response to diversified customer
needs
Offer Fund Wrap and other
products according to
customer needs
Grow
Grow
Daiwa
Daiwa Fund
Fund Wrap
Wrap
NISA-accumulative services
NISA
NISA-accumulative
services
Receive
Receive
Monthly
Monthly dividend
dividend payment
payment
type
mutual
funds
type mutual funds
Pension
Pension Insurance
Insurance
Protect
Protect
Time
Time deposit
deposit
Medical
Medical Insurance
Insurance
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大和証券グループ本社 IR室
TEL: 03-5555-1300 FAX: 03-5555-0661
E-mail: ir-section@daiwa.co.jp
URL: http://www.daiwa-grp.jp/ir/
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