President's Message

ASTMAX is an independent asset management company regulated under the Japanese laws (＊) for investment business both in commodities and securities. Our investment approach features as "alternative investment", differentiating ourselves from the traditional buy-and-hold investment in stocks and bonds.

ASTMAX Group runs asset management business for clients and proprietary dealing business for the firm's capital. The latter is further split into the dealing and the prop house business models.

In the asset management business, we engage mainly in the commodity markets where we can take advantage of our competitive edge. Our aim is to increase the assets under management ("AUM") by providing our clients with investment management services that;
(a) pursue the absolute returns regardless of the general trend of the market, and
(b) meet clients' various needs utilizing value-added investment programs.
We also try to increase our AUM by providing portfolio management services for pension funds and institutional investors.
Our engagement as an investment manager in the WTI Crude Oil Futures Funds launched on July 1, 2009, was the business achievement made in cooperation with two of our major shareholders, the Daiwa Securities Group and the ITOCHU Group. These funds have contributed to an increase of our AUM significantly.

In the dealing business, we are studying spot transactions and arbitrage operations on ETFs. We modified our "flexible work time" system and introduced new "work from home" system for traders in response to the extension of trading hours of Tokyo Commodity Exchange. In addition, we acquired the membership of COMEX to reduce our trading costs.

In the prop house business, we do diversified proprietary trading in commodities and securities in both domestic and overseas markets. We secure the flexibility for our traders in terms of tradable markets, products and time zones. In this business, too, we modified our "flexible work time" system and introduced new "work from home" system. We also plan to increase the number of traders in this business.

Our goal is to become one of the leading investment companies in Asia in the field of alternative investment business. We devote continuous efforts to be a top manager in the alternative asset managemenat business and aoso a competitive investment company in dealing and prop-house businesses in Asia.

August 2009
Hideaki Ushijima, President & CEO

(＊)
- Financial Instruments and Exchange Law, (Registration #: FIF No.422)
- Law regarding Regulation of Business Concerning Commodities Investment (License #: (4) No.2)