Mitsubishi UFJ Financial to buy UBS unit

Sunset in Tokyo, Japan

Mitsubishi UFJ Financial will buy a UBS unit that provides services to alternative investment funds for as much as $244m to expand its administration business.

Bloomberg News reports that the purchase will more than double Mitsubishi UFJ Trust & Banking's assets under administration to $260bn, Yasufumi Tominaga, a Tokyo-based spokesman for the unit of the bank, said by phone on Friday. It will take on 300 employees of the UBS unit, he said.

'It’s positive to see Mitsubishi UFJ acquiring a high-growth fee business overseas', Takashi Miura, an analyst at Credit Suisse in Tokyo, wrote in a report on Friday. 'This is a business that can expect high growth'.

To access the complete Bloomberg News article hit the link below:

Mitsubishi UFJ to Buy UBS Fund Unit for Up to 30 Billion Yen

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