TOKYO -- Mitsubishi UFJ Financial Group (MUFG) plans to launch a takeover bid for WealthNavi, Japan's largest robo-adviser platform, Nikkei has learned. The megabank, which in February took a stake of over 15% in the company, will purchase the remaining shares and make it a wholly owned subsidiary.
Funds this year began accelerating out of depositors' savings accounts and into investments due largely to the popularity of the revised Nippon Individual Savings Account (NISA) investment program. MUFG now intends to speed up its development of financial services for retail investors.
