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.

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.”

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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.”