Posted at 12:23 p.m., Thursday, June 14, 2007
Honolulu fund increases holdings in Tokyo trust
Advertiser Staff and News Services
Prospect Asset Management Inc., a Honolulu-based fund, increased its holdings in Japan's FC Residential Investment Co., endangering the Tokyo-based real estate investment trust's eligibility for tax breaks.Prospect Asset Management raised its stake in FC Residential Investment Co. to 34.73 percent from 33.52 percent, according to a filing today with Japan's Ministry of Finance. Residential's three biggest owners now have 49.25 percent of the REIT. Japanese REITs can't claim tax breaks if their three biggest shareholders own more than 50 percent of the company.
While based in Honolulu, Prospect Asset Management specializes in Japanese investments. It was founded in 1994 by Curtis Freeze.
