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Sumitomo Mitsui Trust Bank to transfer asset management functions

Sumitomo Mitsui Trust Holdings Inc. plans to move wholly owned Sumitomo Mitsui Trust Bank Ltd.'s asset management operations to Sumitomo Mitsui Trust Asset Management Co. Ltd, another wholly owned unit.

The three entities entered into a company split agreement July 27 to transfer the relevant functions, a move that is expected to strengthen the group's asset management business, according to a same-day release.

The integration is set to take effect Oct. 1.

Hideki Hiraki and David Semaya are expected to co-chair the newly integrated Sumitomo Mitsui Trust Asset Management.

As of July 27, Hiraki was the company's president, while Semaya was a non-executive corporate adviser.

Meanwhile, Yoshio Hishida will take over from Hiraki as president Oct. 1. As of July 27, he was an executive officer of Sumitomo Mitsui Trust Holdings and a managing executive officer of Sumitomo Mitsui Trust Bank.

Jiro Araumi, Toshiro Ishizaki, Yasuhiro Yonezawa and Mami Sasaki will be directors of the newly integrated company.

As of July 27, Araumi was a director of both Sumitomo Mitsui Trust Holdings and Sumitomo Mitsui Trust Bank. Ishizaki was a general manager of the internal audit department at Sumitomo Mitsui Trust Holdings, while Yonezawa was a professor at Waseda Business School. Sasaki was a director of Daito Trust Construction Co. Ltd.