The president of AIJ Investment Advisors, Kazuhiko Asakawa, who was arrested last month for fraud, once worked for Nomura.

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The firm's Internet site says it was founded in 1989, capitalized at 230 million yen, with Kazuhiko Asakawa named as representative director.

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"We'll cut them to the extent possible, but some investments are in customers, and so are strategically important, " says Managing Director Kiyoshi Asakawa.

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