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MUFG-Morgan Stanley venture to triple Japan wealth management team

Business will focus on the growing ranks of affluent Japanese

MUFG is the top shareholder in Morgan Stanley,holding a stake of 24%.   © Reuters

TOKYO -- The Japanese joint venture between Mitsubishi UFJ Financial Group and brokerage Morgan Stanley plans to nearly triple its staff focused on wealthy individuals by 2022, becoming a leading player in one of the country's few growing fields for financial services.

"We will increase the number of employees dedicated to services for high net worth clients to 1,600 in the next two years," Naoyuki Hamada, deputy president at  Mitsubishi UFJ Morgan Stanley Securities, told Nikkei.

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