TOKYO -- Mitsubishi UFJ Financial Group and Morgan Stanley on Tuesday announced a revamp of their nearly 15-year-old partnership, reinforcing the relationship amid a changing of the guard at the top.
The Japanese and American institutions have agreed to closer collaboration on forex trading and Japanese-equities research and sales for institutional investors at their joint brokerage ventures, aiming for implementation in the first half of 2024. MUFG seeks more than 10 billion yen ($72 million) in annual synergies from the expansion on a pretax profit basis.
