Asset management business Colonial First State Group, a wholly-owned subsidiary of Australian financial group Commonwealth Bank of Australia, is to be acquired by Mitsubishi UFJ Trust and Banking Corporation for total cash proceeds of approximately A$4.0bn (£2.2bn).
The Japanese financial services group, which is a consolidated subsidiary of MUFG, has entered into an agreement to acquire 100% of shares in the nine subsidiaries of Colonial First State Group, which include its global asset management arm Colonial First State and First State Investments in the UK. The sale is expected to conclude in mid-2019. The transaction is part of MUFG's plans to become "the unparalleled industry leader in Japan as well as a global player boasting significant presence overseas", which sees it pursuing growth through inorganic investment. Financial Times reports...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes