Fidelity Investments has replaced New York-based Goldman Sachs & Co. as the largest foreign manager of Japanese investment trusts. As of August, Goldman Sachs had $6.4 billion in Japanese assets in investment trusts, down from $14.7 billion two years ago. Fidelity, a Cincinnati-based fund manager, has increased its assets from $1.4 billion two years ago to $7.4 billion as of August.

Goldman Sachs lost its top standing largely due to a wave of redemptions of its Japanese funds. Goldman Sachs and Fidelity use different tactics to acquire Japanese assets. Goldman Sachs specializes in offering foreign bond funds through a limited number of brokers, while Fidelity has developed a larger number of distributors.

Andrew Silberfein, senior vice president and director of finance for FCRC, says the financing will ensure the market position of the two hotels, which the company considers trophy properties.