Industry map/Finance & Business Services
Investment Funds industry map
Who earns the money in Investment Funds, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 24 companies · ¥129.4B
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥129.4B
- Companies
- 24
- Avg. salary（parent only）
- ¥8.3M
- Industry weather
- Cloudy
YoY +17.5%
Avg. age 41.9
Operating income -5.7%
NEC Capital Solutions[8793]
Investment
- Revenue
- ¥24.3B▲76.8%
- Operating income
- ¥2.37B▲7.9%
Margin 9.7%
Whole company: Revenue ¥306.2B · Net income ¥9.18B
Avg. salary ¥8.3M · 44.3（parent only）
- SBI Shinsei Bank owns 43.5%
First Brothers[3454]
Investment banking business
- Revenue
- ¥17.2B▲13.7%
- Operating income
- ¥6.29B▲66.0%
Margin 36.6%
Whole company: Revenue ¥19.1B · Net income ¥1.75B
Avg. salary ¥8.3M · 41.9（parent only）
Next Generation Technology Group[319A]
- Revenue
- ¥15B▲35.4%
- Operating income
- ¥1.43B▼5.6%
Margin 9.6%
Avg. salary ¥9M · 40.5（parent only）
Integral[5842]
- Revenue
- ¥13.7B▼56.3%
- Operating income
- ¥9.26B▼64.4%
Margin 67.8%
Avg. salary ¥21.4M · 39.5（parent only）
FinTech Global[8789]
Investment banking
- Revenue
- ¥11.5B▲2.7%
- Operating income
- ¥4.74B▲20.6%
Margin 41.3%
Whole company: Revenue ¥14.4B · Net income ¥2.12B
Avg. salary ¥10.9M · 38.9（parent only）
Prored Partners[7034]
investment business
- Revenue
- ¥8.18B▲427.7%
- Operating income
- ¥6.01B▲457.8%
Margin 73.5%
Whole company: Revenue ¥12.3B · Net income ¥205.8M
Avg. salary ¥9.1M · 35.1（parent only）
Mercuria Holdings[7347]
- Revenue
- ¥7.22B▲29.6%
- Operating income
- ¥2.52B▲157.9%
Margin 34.9%
Avg. salary ¥20.1M · 46.0（parent only）
YAMADA Consulting Group[4792]
Investment
- Revenue
- ¥5.55B▲130.3%
- Operating income
- ¥1.16B▲21.5%
Margin 20.9%
Whole company: Revenue ¥26.7B · Net income ¥2.9B
Avg. salary ¥9.8M · 38.1（parent only）
Mitsui Matsushima Holdings[1518]
Finance and others
- Revenue
- ¥5.1B▲22.5%
- Operating income
- ¥2.05B▲45.3%
Margin 40.2%
Whole company: Revenue ¥65.5B · Net income ¥6.72B
Avg. salary ¥11M · 44.6（parent only）
Frontier Management[7038]
Investment segment
- Revenue
- ¥5.02B▲4920.4%
- Operating income
- -¥187.1M
Margin -3.7%
Whole company: Revenue ¥13.5B · Net income -¥1.11B
Avg. salary ¥11.7M · 37.2（parent only）
Fund Creation Group[3266]
Investment banking
- Revenue
- ¥4.92B▲2.8%
- Operating income
- ¥531M▲29.5%
Margin 10.8%
Whole company: Revenue ¥5.84B · Net income ¥327M
Avg. salary ¥10.6M · 47.0（parent only）
T&D Holdings[8795]
T and D United Capital(Consolidated)
- Revenue
- ¥4.22B▲124.5%
- Operating income
- -¥1.82B
Margin -43.1%
Whole company: Revenue ¥3.48T · Net income ¥139B
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: MBK · Kitahama Capital Partners · AGORA Hospitality Group · SE Holdings and Incubations · Scala · Asian Star · Serendip Holdings · Striders · HS Holdings · Wize · The Kita-Nippon Bank · J Trust
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1▲2 | NEC Capital SolutionsInvestment | ¥24.3B | 18.8% | 9.7% | +10.5% | — |
| 2 | First BrothersInvestment banking business | ¥17.2B | 13.3% | 36.6% | — | ¥3.83B |
| 3▲2 | Next Generation Technology Group | ¥15B | 11.6% | 9.6% | +26.7% | -¥140M |
| 4▼3 | Integral | ¥13.7B | 10.6% | 67.8% | +37.1% | -¥1.46B |
| 5▼1 | FinTech GlobalInvestment banking | ¥11.5B | 8.9% | 41.3% | +31.4% | -¥952.9M |
| 6▲6 | Prored Partnersinvestment business | ¥8.18B | 6.3% | 73.5% | — | ¥5.15B |
| 7▼1 | Mercuria Holdings | ¥7.22B | 5.6% | 34.9% | +14.7% | ¥2.38B |
| 8▲2 | YAMADA Consulting GroupInvestment | ¥5.55B | 4.3% | 20.9% | +71.3% | -¥2.4B |
| 9 | Mitsui Matsushima HoldingsFinance and others | ¥5.1B | 3.9% | 40.2% | — | ¥3.31B |
| 10▲9 | Frontier ManagementInvestment segment | ¥5.02B | 3.9% | -3.7% | — | -¥2.07B |
| 11▼4 | Fund Creation GroupInvestment banking | ¥4.92B | 3.8% | 10.8% | — | -¥1.17B |
| 12▼1 | T&D HoldingsT and D United Capital(Consolidated) | ¥4.22B | 3.3% | -43.0% | +155.5% | ¥136.8B |
| 13▼5 | MBK | ¥3.38B | 2.6% | 8.4% | -8.1% | ¥1.41B |
| 14▲1 | Kitahama Capital Partners | ¥1.91B | 1.5% | -51.8% | +49.1% | -¥1.6B |
| 15▼2 | AGORA Hospitality GroupOther investment business | ¥946M | 0.7% | 14.5% | +7.7% | ¥288.6M |
| 16 | SE Holdings and IncubationsInvestment Management | ¥629M | 0.5% | 83.0% | +39.9% | ¥337M |
| 17new | ScalaIncubation | ¥273.2M | 0.2% | -6.2% | — | ¥495.3M |
| 18new | Asian StarInvestments | ¥191M | 0.1% | 29.4% | +201.4% | -¥215.5M |
| 19▼1 | Serendip HoldingsInvestment business | ¥141.3M | 0.1% | -20.4% | +23.5% | ¥815.8M |
| 20▲2 | StridersInvestment | ¥61.2M | 0.0% | 44.5% | — | ¥200.9M |
| 21 | HS HoldingsOther Business | ¥14M | 0.0% | 47971.4% | +27.3% | ¥1.61B |
| 22▼5 | WizeIP investment development business | ¥11.2M | 0.0% | -647.8% | — | -¥374.9M |
| 23new | The Kita-Nippon BankOther | ¥11M | 0.0% | -45.5% | — | ¥17.9B |
| 24▼1 | J TrustInvestment Business | ¥6M | 0.0% | 13650.0% | -65.2% | — |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- Ordinary expenses
- SG&A
- Other
- Operating profit
- Ordinary profit
- Integral3268
- Prored Partners392140
- Mercuria Holdings6535
- First Brothers591328
- FinTech Global383824
- The Kita-Nippon Bank7921
- YAMADA Consulting Group236314
- Mitsui Matsushima Holdings622414
- SE Holdings and Incubations513514
- AGORA Hospitality Group642511
- Fund Creation Group781210
- Next Generation Technology Group72199
- Scala52429
- J Trust919
- MBK77158
- T&D Holdings937
- Asian Star7521
- Serendip Holdings8511
- NEC Capital Solutions889
- Striders7226
- HS Holdings8122loss ¥1
- Frontier Management6340loss ¥3
- Wize4072loss ¥12
- Kitahama Capital Partners6587loss ¥52
Ownership links
From the major-shareholder section of annual securities reports.
- SBIホールディングス株式会社Outside
- SubsidiarySBI Shinsei Bank71.2%
- SBI Shinsei BankIn industry
- AffiliateNEC Capital Solutions43.5%
- 株式会社大和証券グループ本社Outside
- AffiliateAozora Bank23.9%
- Ｍ＆Ａキャピタルパートナーズ株式会社Outside
- StakeFrontier Management19.4%
- 伊藤忠商事株式会社Outside
- StakeMercuria Holdings12.2%
- 日本電気株式会社Outside
- StakeNEC Capital Solutions11.8%
- 松井証券株式会社Outside
- StakeHS Holdings6.4%
- 日本証券金融株式会社Outside
- StakeSE Holdings and Incubations5.4%
- StakeHS Holdings4.3%
- アイザワ証券グループ株式会社Outside
- StakeFund Creation Group5.3%
- ㈱クエストOutside
- StakeScala3.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
- Next Generation Technology Group vs Integral
- Next Generation Technology Group vs NEC Capital Solutions
- Next Generation Technology Group vs First Brothers
- Integral vs NEC Capital Solutions
- Integral vs First Brothers
- NEC Capital Solutions vs First Brothers
- Next Generation Technology Group vs Integral vs NEC Capital Solutions vs First Brothers
All companies in Investment Funds (by revenue)
All 26 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- NEC Capital Solutions¥24.3B · 9.7%
- First Brothers¥17.2B · 36.6%
- Next Generation Technology Group¥15B · 9.6%
- Integral¥13.7B · 67.8%
- FinTech Global¥11.5B · 41.3%
- Prored Partners¥8.18B · 73.5%
- Mercuria Holdings¥7.22B · 34.9%
- YAMADA Consulting Group¥5.55B · 20.9%
- Mitsui Matsushima Holdings¥5.1B · 40.2%
- Frontier Management¥5.02B · -3.7%
- Fund Creation Group¥4.92B · 10.8%
- T&D Holdings¥4.22B · -43.0%
- MBK¥3.38B · 8.4%
- Kitahama Capital Partners¥1.91B · -51.8%
- AGORA Hospitality Group¥946M · 14.5%
- abc¥757.6M · -316.7%
- SE Holdings and Incubations¥629M · 83.0%
- Scala¥273.2M · -6.2%
- Asian Star¥191M · 29.4%
- Serendip Holdings¥141.3M · -20.4%
- Striders¥61.2M · 44.5%
- Convano¥55.3M · 88.6%
- HS Holdings¥14M · 47971.4%
- Wize¥11.2M · -647.8%
- The Kita-Nippon Bank¥11M · -45.5%
- J Trust¥6M · 13650.0%
Revenue · Op. margin
Related industries
- Major Banks
- Regional Banks
- Online & Retail-Affiliated Banks
- Securities & Asset Management
- Life Insurance
- Non-life Insurance
- Credit Cards & Consumer Credit
- Cashless Payments
- Consumer Finance
- Leasing
- Crypto & Blockchain
- Venture Capital
- Consulting
- HR & Staffing
- Business Process Outsourcing
- M&A Advisory
- PR & IR Services
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