株式会社sustenキャピタル・マネジメント
Tokyo, JP · 7 known investors
SUSTEN's "Auto Investment Plus" is an automated investment (robo-advisory) service for taxable accounts in Japan, using quantitative and machine-learning strategies across global stocks, bonds, currencies, commodities and other assets. It offers 49 personalized portfolios based on risk level and market correlation, charged on a performance-fee-only basis.
Also known as SUSTEN · Susten Capital Management Inc. · サステン・キャピタル・マネジメント
Founders & leadership
Investors · 7
Also in the syndicate · 5
Company profile
researched Aug 2026株式会社sustenキャピタル・マネジメント (Susten Capital Management Inc.) is an independent asset management company based in Toranomon, Minato-ku, Tokyo, founded in July 2019. It is registered as a financial instruments business operator (Kanto Local Finance Bureau (Kinsho) No. 3201) and belongs to Japanese industry associations for the asset management/investment trust sector. The company describes its investment philosophy as "investing is a science," building strategies on academic research, and provides investment strategies to both retail and institutional investors.
Its main retail offering is SUSTEN, a discretionary investment (robo-advisor / fund wrap) service that automates portfolio construction, risk management and rebalancing based on modern investment theory and diversified exposure to global financial instruments, accessible via smartphone and including features for optimizing use of Japan's NISA tax-exempt accounts. Alongside the discretionary service, the company sets up and manages publicly offered investment trusts, including グローバル資産分散ポートフォリオ (R), グローバル複合戦略ポートフォリオ (G), グローバル債券投資ポートフォリオ (B), グローバル株式インデックスポートフォリオ (M), the aggressive US equity fund GeoMax, susten新興国インカム・インデックスファンド (エマージング・インカム), and マネーフォワード全世界株式インデックスファンド. Some funds are distributable through third-party financial institutions, and the company states it is preparing to launch exchange-traded funds. Related content properties include the generative-AI fund explainer "GeoMax AI," the NISA learning site ポケットNISA and the information site SUSTEN LAB.
Founding story
The company was established in July 2019 by two former Goldman Sachs Asset Management portfolio managers. CEO 岡野大 joined GSAM in 2012, managing equity, derivative and FX positions in a hedge fund team within the strategic equity division on behalf of overseas institutional investors, and holds a master's degree from the University of Tokyo Graduate School of Engineering; he cites a desire to deliver high-quality services to Japanese retail investors as his motivation for founding the firm. CIO 山口雅史 joined GSAM in 2007, later moved to Goldman Sachs in New York in 2012 and led quantitative asset allocation and tactical asset allocation for corporate clients, university endowments and sovereign wealth funds covering assets described as ¥15 trillion; he holds a master's degree from Kyoto University Graduate School of Informatics and is a CMA of the Securities Analysts Association of Japan. The name "susten" combines "sustain" and "ten," referring to a goal of dedicating 10 basis points per year of assets under management to social contribution, and the logo is designed to read as both "S" and "10."
Business model
The company operates as a registered asset manager, earning revenue from the investment trusts it establishes and manages and from discretionary (investment-tanin) contracts with clients. Its funds are offered both through its own automated SUSTEN service and, since 2024, through external distributor financial institutions; it is also preparing ETFs.
Fees are collected via trust fees (信託報酬) paid from the company's investment trusts, stated at annual rates of 0.022%–0.88% including tax, plus a performance fee structure for the discretionary service: for the グローバル資産分散ポートフォリオ (R) and グローバル複合戦略ポートフォリオ (G) funds no trust fee accrues to the company, and instead a performance fee is charged monthly on any high-water-mark excess at a rate of 1.1/9 to 1.1/6 (1/9 to 1/6 excluding tax) of the gain. The SUSTEN service has been promoted as a fully performance-fee-based service where no cost arises without returns.
Traction
About one year after the February 2021 launch of SUSTEN, registered users exceeded 5,000 and assets under management reached ¥2.2 billion. Reported net loss for the fiscal year ended December 2021 was ¥432.08 million. As of 2024, roughly 70% of SUSTEN users were using the most aggressive "risk level 5" portfolio. Headcount is listed as 26 members. Post-money valuation including potential shares was reported at ¥3,851 million as of 2026-03-09, with the funding stage described as Series C.
Latest developments
In December 2025 the company released GeoMax AI, an AI service that explains its investment trusts. In February 2026 it lowered the trust fee on the Money Forward All-World Equity Index Fund and fully renewed its service website, and in April 2026 it announced a patent for the NISA optimization technology in 自動NISA together with a commemorative campaign. Corporate disclosures show capital of ¥187.5 million as of 30 June 2026, and the company states it is preparing to launch exchange-traded funds. In August 2026 it published notices regarding declines in fund net asset values, including for GeoMax.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
An independent, venture-backed Japanese asset manager competing in the robo-advisor / fund wrap segment, positioning itself against what it characterizes as the high-cost structure of Japan's traditional asset management distribution, and claiming firsts in Japan for a fully performance-fee-based discretionary service (2021) and an investment-trust explanation AI (2025).
Fully performance-fee-based pricing for its core taxable-account portfolios (no fee absent gains), automation of NISA usage including a patented optimization approach and the 自動非課税成 feature, a quantitative/academic research-driven strategy process, and a stated commitment to allocate 10 basis points per year of AUM to social contribution.
Technology
The service applies modern financial engineering theory combined with machine learning to construct diversified portfolios across global assets, automating risk management and rebalancing. Portfolios are parameterized by risk level and market correlation; risk levels 6 and 7 were added in 2024, expanding the lineup from 36 to 47 portfolios. NISA-related automation includes the "自動非課税成" function, which invests amounts exceeding annual or lifetime NISA limits in a taxable account and automatically moves them into the NISA account when allowances become available; the company obtained a patent for the proprietary NISA optimization technology used in 自動NISA. It also operates a generative-AI assistant, GeoMax AI, that answers questions about the GeoMax fund. The engineering organization emphasizes an in-house-built codebase and application/infrastructure quality.
Go-to-market
Direct-to-consumer digital acquisition through the SUSTEN web service and smartphone app, with an online risk-profiling "運用診断" flow leading to account opening; educational and content marketing via ポケットNISA, SUSTEN LAB., CEO-led seminars on NISA strategy, referral and NISA account-opening campaigns, and press releases. Since September 2024 the company also distributes its investment trusts through third-party financial institutions, and it has a capital and business alliance with Money Forward under which joint asset-management functionality was developed.
Japanese retail investors, including those new to investing and to NISA, as well as institutional investors; funds are also distributed to investors via partner financial institutions.
Geography
Japan-focused, headquartered at Tokyo Toranomon Global Square, 1-3-1 Toranomon, Minato-ku, Tokyo (previously Nihonbashi Kabutocho from 2019 to 2021).
History
Founded in July 2019, the company opened an office in Nihonbashi Kabutocho in August 2019 and was registered as a financial instruments business operator in June 2020. In October 2020 it established three publicly offered investment trusts dedicated to its discretionary service (portfolios R, G and B). The SUSTEN service, described as Japan's first fully performance-fee-based discretionary asset management service, was released to the public in February 2021, and the head office moved to Toranomon, Minato-ku in September 2021. A smartphone app launched in November 2022. The company set up a tsumitate-NISA-eligible global equity index portfolio (M) in January 2023 and began offering tsumitate NISA in February 2023, followed in September 2023 by the GeoMax US equity aggressive portfolio designed for the new NISA regime. In January 2024 it launched "自動NISA," an investment automation feature fully compatible with the new NISA scheme; in August 2024 it expanded portfolios from 36 to 47 and added the "自動非課税成" NISA optimization function; in September 2024 it began distributing its investment trusts through third-party sales companies. In May 2025 it established the emerging-market income index fund (エマージング・インカム), and in December 2025 it released "GeoMax AI," described as Japan's first investment-trust explanation AI. 山田記実, who joined in December 2019 as head of general affairs, became a director in March 2025.
Risks & controversies
The company's own disclosures emphasize that its products invest in securities with fluctuating prices, that principal is not guaranteed and that losses can exceed invested principal, listing equity price, futures, interest rate, liquidity, credit, currency, country and commodity market risks; discretionary contracts are not subject to cooling-off provisions. Reported financials show a net loss of ¥432.08 million for FY2021. Notices published in August 2026 concern declines in fund net asset values.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 16
launches, deals, and filingsThe company announced a patent for its proprietary NISA optimization function and a commemorative limited-time campaign.
Quarterly-distribution emerging-market income index fund eligible for the NISA tsumitate investment quota.
Joined the company in December 2019 as head of the general affairs division and became a director in March 2025.
Added risk levels 6 and 7, expanding portfolios from 36 to 47, and introduced automatic transfer of funds from taxable to NISA accounts when allowances become available; applied progressively from 28 August 2024.
Investment automation feature fully compatible with the new NISA scheme.
Set up ahead of the new NISA regime as a high-risk, high-return fund using the growth investment quota.
The company announced a capital and business tie-up with Money Forward, including joint development of a new function to propose asset management plans.
General release of SUSTEN, described as Japan's first fully performance-fee-based discretionary asset management service.
Registered as 金融商品取引業者, Kanto Local Finance Bureau (Kinsho) No. 3201.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- 株式会社sustenキャピタル・マネジメントsusten.jp · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does 株式会社sustenキャピタル・マネジメント do?
- Japanese independent asset manager offering the automated SUSTEN investment service and its own public investment trusts.
- Who founded 株式会社sustenキャピタル・マネジメント?
- 株式会社sustenキャピタル・マネジメント was founded by 岡野 大, 山口 雅史.
- Who are 株式会社sustenキャピタル・マネジメント's investors?
- 株式会社sustenキャピタル・マネジメント's investors include NOW Japan, Tokyo University of Science Innovation Capital.
- Where is 株式会社sustenキャピタル・マネジメント headquartered?
- 株式会社sustenキャピタル・マネジメント is headquartered in Tokyo, JP.