Mitsubishi UFJ Financial Group (MUFG) is reportedly weighing a bid for Tokyo-based robo-advisor WealthNavi.
This move is expected to bolster MUFG’s financial technology offerings and meet the growing demand for online investment services.
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The matter is set to be discussed at a management meeting, according to MUFG’s statement, which also noted that a final decision has yet to be made, reported The Japan Times.
WealthNavi also confirmed that it would convene a board meeting to deliberate on the matter.
The Nikkei newspaper had earlier reported MUFG’s plans to initiate a tender offer.
Earlier this year, MUFG acquired a 15% stake in WealthNavi, which was established in 2015 and went public in 2020. Currently, WealthNavi has a market capitalisation of ¥62.8bn ($416m).
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By GlobalDataWealthNavi, founded by CEO Kazuhisa Shibayama, specialises in online wealth management services, including the automated allocation of cash into investment products.
As of 31 October, the company managed assets worth ¥1.34tn ($8.84bn) and anticipates an operating profit of ¥531m ($3.5m) for the current year.
In 2019, MUFG Investor Services, the global asset servicing business of MUFG, announced the acquisition of certain divisions of Maitland’s fund administration arm.
The acquisition included hedge funds and private equity funds, adding approximately $20bn in assets under administration to MUFG Investor Services’ existing portfolio of over $580bn.
MUFG oversees the operations of its subsidiaries and manages the group’s overall business, including all related ancillary activities.
