Mitsubishi UFJ Financial Group Inc. will transfer 100 private bankers to joint venture Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. from its lending unit over the next three years, Bloomberg News reported July 2, citing Saburo Araki, CEO of the joint venture.
Mitsubishi UFJ Morgan Stanley Securities is a joint venture between Mitsubishi UFJ Financial and Morgan Stanley.
The staff transfers will raise the number of financial advisers at Mitsubishi UFJ Morgan Stanley Securities to about 280, Araki said. Meanwhile, the brokerage plans to invite Morgan Stanley employees to Tokyo and send its staff to New York as part of efforts to improve its offerings to wealthy clients, the CEO said.
Araki's comments came as Mitsubishi UFJ Financial's wholesale and retail brokerage business looks to increase its contribution to group profit to more than 10% in the next six years from about 5% currently. Private banking will be a key driver for the increase, Araki said.