MUFG completes acquisition of shares of nine subsidiaries of Colonial First State Group

Maria Nikolova

The deal, valued at AUD 4 billion, sees Mitsubishi UFJ Trust and Banking Corporation acquire 100% of the shares of the subsidiaries representing the global asset management business of Colonial First State Global Asset Management.

Mitsubishi UFJ Trust and Banking Corporation, a consolidated subsidiary of Mitsubishi UFJ Financial Group Inc (TYO:8306), today announces the completion of its acquisition of shares of nine subsidiaries of Colonial First State Group Limited, which collectively, including their subsidiaries, represent the global asset management business of Colonial First State Global Asset Management (CFSGAM). The shares were acquired from Australian financial group Commonwealth Bank of Australia and its wholly-owned subsidiary Colonial First State Group Limited.

The transaction, valued at AUD 4 billion, sees Mitsubishi UFJ Trust and Banking Corporation acquire 100% of the shares of the subsidiaries representing the global asset management business of Colonial First State Global Asset Management.

CFSGAM is engaged in global investment management business supported by more than 800 professionals handling asset classes including equities, bonds, alternatives and multi-asset funds. It has a diverse client base that extends across Oceania, Asia, Europe and North America.

MUFG says it will continue to provide comprehensive solutions, in an effort to meet customer expectations by maximizing synergies among CFSGAM, MUFG Asset Management and other MUFG businesses.

As FinanceFeeds has reported, Trust Bank obtained all regulatory approvals in relation to the acquisition in July this year.

Back in October 2018, when the deal was initially announced, MUFG’s Asset Management & Investor Services Business Group said it aims to become “The unparalleled industry leader in Japan as well as a global player boasting significant presence overseas’’ in accordance with its Medium-term Business Plan for the three years from 2018. To achieve this goal of becoming a major player in the global asset management market, MUFG has been pursuing growth, centered on the Trust Bank, through inorganic investment, as well as enhancing its asset management capabilities and product competitiveness.

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