Morgan Stanley has agreed to buy a 30% stake in Mitsubishi UFJ Financial Group’s Japanese wealth-management business.
Mitsubishi UFJ Morgan Stanley Securities, the securities joint venture between Mitsubishi UFJ Financial Group and Morgan Stanley, will hold 75% of the private banking unit while the Japanese lender’s main commercial banking unit will hold the remaining 25% stake.
No further terms of the deal were disclosed.
The two companies have been looking to work together in wealth management over the past year after MUFG purchased Bank of America Merrill Lynch’s share of a private-banking joint venture.
Mitsubishi UFJ, which owns 22% of Morgan Stanley, will continue to provide investing services to wealthy individuals in Japan, while Morgan Stanley will provide research and investment products following the partnership, which comes into effect in January.