Hitachi, Ltd.(TSE:6501)today announced will set up a Wholly-owned investment 
management company in August, named Hitachi Investment Management, Ltd., to 
manage the pension fund assets of Hitachi and the companies of the Hitachi Group. 
Hitachi has been aggressively tackling the pension issue, which it views as one of 
management's most important challenges. The progress of  Japan's version of the "Big 
Bang" has resulted in an easing of approval requirements for investment management 
firms,  leading to Hitachi's decision to establish an investment management company 
to achieve greater efficiency in the running of the Hitachi and Hitachi Group pension 
fund.

The major U.S. corporations, such as General Electric Company and General Motors 
Corporation are using specialized subsidiaries to run their corporate pension funds more 
efficiently. As a management subsidiary of Hitachi, Ltd., Hitachi Investment 
Management will focus on bringing a user perspective to its management of the pension 
fund.

For the new company,  fund  manager, actuaries and other such financial specialists 
will be recruited from inside and outside the Hitachi Group.

Outline of new company
Company name		Hitachi Investment Management, Ltd.
Location		Provisionary, Chiyoda Ward in Tokyo
Capital			300milion yen (put up by Hitachi, Ltd.)
Date of establishment   August 1999
Business		Investment management
President		Hiroshi Maruta (currently deputy general manager of Hitachi's 
                        Finance Dept.)
Number of employees	11 at startup (planned)