Japan’s Mizuho Financial Group is reportedly planning to merge its three asset management operations, which controls publicly offered trusts worth more than JPY 6tn ($50bn).
Under the plan, Mizuho will merge Shinko Asset Management, Mizuho Asset Management and the asset-management division of Mizuho Trust & Banking, reported Reuters.
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DIAM, an asset-management venture between Mizuho and Dai-ichi Life Insurance, will not join the merger while its parent companies are considering its integration with the combined asset-management company in future.
The merger is expected to help the Japanese banking group better position itself to compete with rivals including Nomura Asset Management.
The report further said that Mizuho will unveil a plan to expand its overseas business through acquisitions and stake purchases of overseas asset-management companies in the offing.
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