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Laxman Pai, Opalesque Asia: Japanese financial services company Mitsubishi UFJ Financial Group (MUFG) announced that its subsidiary Mitsubishi UFJ Trust has completed the acquisition of First State Investments (FIS) from Commonwealth Bank of Australia for $2.7bn.
FIS, which manages $155.1bn in assets globally, will become part of Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of MUFG.
The deal was announced in October last year after the Australian bank said it intended to demerge its wealth management and mortgage broking businesses.
MUFG manages $575bn in funds on behalf of its clients. Its subsidiary Mitsubishi UFJ Trust and Banking is one of Japan's largest asset managers.
"Under MUFG ownership, we will have the financial backing and shared a strategic vision to enable us to become an even stronger global investment manager," said Mark Steinberg, CEO of FIS.
According to a press release, FIS is to operate as a standalone business overseen by a board formed from First State and Mitsubishi senior staff, with independent non-executives to be added "in the coming year".
"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," Steinberg added.
"We maintain a consistent firm-wide vi...................... To view our full article Click here
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