Mitsubishi UFJ Trust and Banking, a unit of Japan’s Mitsubishi UFJ Financial Group (MUFG), has closed the acquisition of First State Investments (FSI) in a deal worth $2.7bn.

The deal was announced last October.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

FSI will now operate on a standalone basis, managed by a board having representatives from both the parties.

Independent non-executive directors will be added in the coming year.

Mitsubishi UFJ Trust and Banking president and CEO Mikio Ikegaya said: “We are committed to supporting FSI’s strategy of delivering high-quality investment capabilities and establishing and maintaining strong client relationships.

“We look forward to working with First State Investments as we continue to expand our investment management business and investment offerings globally.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Called Colonial First State Global Asset Management in Australia, FSI is the global asset management arm of Commonwealth Bank of Australia.

FSI has operations across Asia, Europe, and the US.

At the end of March 2019, the business had $155.1bn in funds under management.

FSI CEO Mark Steinberg said: “Under MUFG ownership, we will have the financial backing and shared strategic vision to enable us to become an even stronger global investment manager.

“Our investment teams will continue to enjoy their current levels of investment autonomy, which has underpinned the business’ strong growth and long-term performance.

“Their commitment to incorporating ESG principles across processes and strategies remains central to each investment approach.”