"Everybody is happy they fired that clerk," an executive with another investment house said.

Other clients have included the major investment houses and banks, he added.

"He seems to have links with investment houses in China."

It was a waiting game being played in countless banks and investment houses around the world.

This, according to some analysts, is the key difference between commercial banks and investment houses.

Similar to those used at other major investment houses, Merrill's system is based on simple concepts.

Still, some big investment houses are beginning to see opportunities in Japan.

"The investment houses provide capital, but they don't get involved in the service side of the business, finding and managing property," he said.

Big investment houses are not alone in riding this trend into the new year.

But as an investment house we can do that.