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MUFG's trust bank to expand asset management ops via buyouts

Japanese giant ready to spend $9bn-plus over four years

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.

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