Mitsubishi UFJ Financial Group plans to add 100 private bankers to its securities venture with Morgan Stanley and tap the Wall Street firm’s expertise to expand its business serving rich Japanese.
Bloomberg News reports that MUFG will transfer the staff from its lending arm over the next three years, increasing the number of financial advisers at Mitsubishi UFJ Morgan Stanley Securities to about 280, the brokerage’s Chief Executive Officer Saburo Araki said in an interview.
The venture plans to invite Morgan Stanley employees to Tokyo and dispatch staff to New York as part of its effort to improve its offerings to wealthy clients, Araki said.
MUFG’s wholesale and retail brokerage business is seeking to boost its contribution to group profit to more than 10 percent in the next six years, from about 5% currently, Araki said. Private banking will be a key driver for the increase, he added.
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