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Sumitomo Mitsui Trust, Hana Financial join forces in retail asset management

Sumitomo Mitsui Trust Holdings Inc. is partnering with South Korea's Hana Financial Group Inc. in retail asset management, Reuters reported Dec. 22.

The Japanese bank told Reuters that it will sell investment products through Hana Financial's brokerages and subsidiaries, while providing marketing and expertise in selling investment products to retail customers.

Sumitomo Mitsui Trust is also looking for other partners in Asia to strengthen its retail asset management business.