Mitsubishi UFJ Financial Group (MUFG) is reportedly planning to acquire an asset management business with at least $2.5bn in the US.
With a market value of $100bn, MUFG intends to make the US investment within the next three years, said the bank’s CEO Nobuyuki Hirano to Financial Times.
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"It is possible that we will acquire one of the well-managed asset management companies in the US," Hirano added.
MUFG has a 21% stake in investment bank Morgan Stanley.
Morgan Stanley and MUFG already have joint ventures in Japanese securities and private banking businesses.
Through this expansion, MUFG, which has over $600bn in its asset management business, expects to increase this figure significantly.
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By GlobalData"The asset management business is another big pillar for MUFG," Mr Hirano said. "Institutional investors and households are accumulating financial assets at a very high speed."
The publication said that bank is also looking at small acquisitions in US retail banking and expects to lend more in its home market this year.
In June 2015, MUFG has agreed to buy UBS’s Alternative Fund Services group for $244m. MUFG has also merged Mitsubishi UFJ Asset Management and Kokusai Asset Management and said it may extend relationships with Aberdeen Asset Management.
