Japan’s Mizuho Financial has agreed to acquire nearly 16% stake in Matthews International Capital Management, a US asset management company with a focus on Asia.
Matthews International Capital Management, also known as Matthews Asia, has assets under management of S$26.2bn as of 31 August 2015.
Following the completion of the deal in the first quarter of 2016, Mizuho will assume a seat on the management board for Matthews Asia.
Mizuho said that its group companies will distribute the Matthews Asia’s products to Japanese individual and institutional investors.
Commenting on the deal, Matthews Asia CEO William Hackett said: "Mizuho’s investment will help ensure continued long-term stability of ownership while retaining our independence.
"Given Mizuho’s strong reputation in the financial services sector, their considerable experience and dominant presence in Japan, we are excited about the opportunity to partner with them in showcasing our distinctive Asia-focused investment strategies."