Prudential, Japan’s Mitsui Plan Venture

Newark, N.J.-based Prudential Insurance Co. of America and Japan’s Mitsui Trust & Banking Co. unveiled plans for a mutual fund management venture. The 50-50 undertaking between the largest U.S. life insurance company and Japan’s third-biggest trust bank aims to tap Japan’s estimated $8.51 trillion in personal assets. Mitsui Trust President Keiu Nishida told a news conference the venture is eyeing the scheduled end in December of a ban on domestic banks selling mutual funds in Japan. The venture--Prudential-Mitsui Trust Investments Co.--requires approval from Japan’s Finance Ministry.