Japanese money manager Sparx Group will raise about $100 million over the next year for a new real estate fund, Reuters reports. The fund will be launched with about $5-10 million.
The reconstruction fund will invest in temporary hotels in areas hit by the March 11 earthquake and tsunami. Sparx, the only listed asset manager in Japan intends to start mutual fund operations in South Korea by the end of 2011 or early 2012.
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