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'.
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