PaineWebber, Yasuda Forming Joint Venture

PaineWebber Inc. and Yasuda Mutual Life Insurance Co., one of Japan’s top insurers, are forming a joint investment trust business, Japanese newspapers reported. The two companies will set up the venture by February and start selling funds in Japan by April, through Yasuda Mutual’s nationwide sales network, the Nihon Keizai business daily reported. Yasuda Mutual, which owns 8.1% of PaineWebber, has sent more than 100 trainees in its asset-management and system divisions for training at the New York-based company, the Nihon Keizai said. Yasuda affiliate Yasuda Capital Management Co. will hold a 55% stake in the venture, with the remaining 45% to be held by PaineWebber, said the Nihon Keizai and the Yomiuri, Japan’s largest newspaper. PaineWebber officials could not be reached for comment.