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Finance

Morgan Stanley deepens wealth management ties with MUFG

US brokerage builds on partnership by sending execs to Japan

Morgan Stanley is among the top wealth managers in the United States.   © Reuters

TOKYO -- Morgan Stanley and Mitsubishi UFJ Financial Group will expand on their decade-plus relationship by enhancing their wealth management operation in Japan.

The wealth business will form a pillar of a new strategy being launched by the Wall Street firm and Japan's largest banking group, Alberto Tamura, president of Morgan Stanley Japan Holdings, told Nikkei in an interview.

"We've achieved success [in our partnership], but we will also develop new areas in our collaboration, with the focus on the next 10 years," said Tamura, who was named president last year.

Morgan Stanley will by June send executives to Japan well-versed in the U.S. wealth management business. The two sides will share know-how on training a sales force, with MUFG bringing its network of clients to the table.

This will be in conjunction with the previously announced absorption of Mitsubishi UFJ Morgan Stanley PB Securities, which oversees MUFG's wealth business, by Mitsubishi UFJ Morgan Stanley Securities. When the merger takes effect in June, PB Securities' sales team will be directly managed by the joint venture brokerage.

Alberto Tamura, president of Morgan Stanley Japan Holdings.

The current ties between MUFG and Morgan Stanley date back to 2008, when the Japanese megabank extended a $9 billion lifeline to Morgan Stanley during the global financial crisis. In 2010, the two sides formed two joint venture brokerages. Mitsubishi UFJ Morgan Stanley Securities is majority owned by MUFG, while Morgan Stanley retains control of Morgan Stanley MUFG Securities.

MUFG and Morgan Stanley will also deepen their alliance in the trust banking business.

"Shareworks, the provider of executive stock compensation management tools for corporate clients acquired [by Morgan Stanley] last year, is advancing discussions on a tie-up with Mitsubishi UFJ Trust and Banking, and we aim for comprehensive cooperation between both groups," said Tamura.

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