TOKYO -- Mitsubishi UFJ Trust and Banking seeks to build a solid foundation to compete globally in the asset management business by expanding its portfolio to around 100 trillion yen ($905 billion) from the current 60 trillion yen or so.
The trust bank will spend up to 1 trillion yen through the fiscal year ending March 2021 to purchase mainly players in Europe, the U.S. and Asia, President and CEO Mikio Ikegaya told The Nikkei. The Tokyo-based arm of Mitsubishi UFJ Financial Group has already acquired five asset management firms abroad since 2013.
