Sumitomo Mitsui Trust Holdings Inc. is considering restructuring its operations to separate its banking and asset management businesses, a move that could create Japan's largest asset management company.
The company plans to move Sumitomo Mitsui Trust Bank Ltd.'s asset management operations to Sumitomo Mitsui Trust Asset Management, The Nikkei reported Feb. 1. The proposed transfer will enlarge Sumitomo Mitsui Trust Asset Management's assets under management to ¥60 trillion.
The asset management company could supplant Asset Management One Co. Ltd. — created through the integration of Mizuho Financial Group Inc. and Dai-ichi Life Holdings Inc.'s asset management operations — which is currently Japan's biggest asset management company with assets of ¥51 trillion.
In response to the report, Sumitomo Mitsui Trust said in a statement that it has been considering all options for streamlining and has not yet decided anything.
As of Jan. 31, US$1 was equivalent to ¥112.39.