Bloomberg reports that the unit provides trust services for $4bn of client assets within Morgan Stanley’s wealth-management division, said one of the people, who asked not to be identified while talks continue.
UnionBanCal Corp., the Japanese bank’s San Francisco-based unit that already offers trust services, plans to acquire the business, the people said. Nikkei newspaper reported the negotiations Sunday, and said the transaction is subject to U.S. regulatory approval.
Morgan Stanley Chief Executive Officer James Gorman, 54, visited Tokyo this month to meet with Mitsubishi UFJ, the New York-based firm’s biggest shareholder and partner in two investment-banking joint ventures. Gorman has sold smaller units of the brokerage division, which has $1.79 trillion in client assets, as he seeks to cut costs and boost returns.
The people familiar with the discussions declined to say how much Mitsubishi UFJ may pay for the unit.
Hit the link below to access the complete Bloomberg article: