Mizuho Financial Group's (MFG) financial advisory joint venture with Rakuten Securities, Mirai Wealth Partners, aims to grow assets under management to 50 billion yen ($355.3 million) by 2029, Reuters reported Tuesday, citing an interview with Mirai Chief Executive Masaki Shindo.

Mizuho holds a 95% stake, while Rakuten owns the remaining 5% in the joint venture, which manages about 3.5 billion yen in client assets as of mid-April, according to Reuters.

Shindo said market volatility has led more retail investors to seek advice, particularly those previously investing independently through Rakuten's online platform. About 70% of consultations are held online, including with clients over 60, Shindo told Reuters.

Mirai has five financial advisers and plans to hire more as assets grow, Shindo said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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