Japan-based financial firm Orix is eyeing overseas acquisitions as part of its strategy to double its assets under management, said its CEO Makoto Inoue.
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Inoue said in an interview: "Consolidation of asset-management companies is a global trend now. We’re currently the world’s 57th-largest asset management company with Robeco. To rise in the rankings, we need more acquisitions."
Orix acquired investment manager Robeco from Dutch cooperative lender Rabobank for nearly EUR1.9bn in 2013, and now is looking to scale up.
Inoue said: "Robeco alone is small. We expect a shakeout in the industry and we need to have scale. We have to build the business through mergers and acquisitions."
Inoue further said that he wants to double the double assets under management in Robeco, which as of December was EUR246bn ($261bn), adding that the focus was on targets overseas.
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By GlobalData"Until around two years ago, there were sales (of asset management businesses) as non-core assets in Japan. But since GPIF, asset management has become everyone’s core business."
Inoue added that Orix is also eyeing the emerging middle class in Asian countries such as Indonesia, Philippines and Malaysia as future clients and is assessing plans to establish an asset management company from scratch in Southeast Asia.
