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Mitsubishi UFJ Trust & Banking seeking M&A in fund administration biz

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Mitsubishi UFJ Trust & Banking seeking M&A in fund administration biz

Mitsubishi UFJFinancial Group Inc.'s trust banking arm is seeking overseasacquisition opportunities in the fund administration business amid slowingdomestic demand for financial products, Reuters reported April 6.

Mitsubishi UFJTrust & Banking Corp. is "actively pursuing"acquisition opportunities for fund administrators, said Mikio Ikegaya,president of the bank. He did not disclose details about Mitsubishi UFJ Trust& Banking's potential acquisitions.

Ikegaya believes that the fund administration business willsee strong demand as funds will be driven to rely more on third-party serviceproviders given the tougher regulatory environment. The bank has alreadyacquired several fund administrators including UBS Asset Management'sAlternative Fund Services business and Capital Analytics.

Mitsubishi UFJ Trust & Banking is also looking to buy assetmanagers and has up to ¥300 billion to spend for such acquisitions, Ikegayasaid, adding that possible targets are active funds in the U.S.

Ikegaya highlighted the greater difficulty in finalizing adeal for an asset manager because talent, which is key for asset managementcompanies, is harder to retain after an acquisition.

As of April 5, US$1was equivalent to ¥110.46.