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Sumitomo To Acquire Citi’ Nikko Asset For $1b

Published: 27-Jun-2009

Acquisition is expected to generate synergy effects with its main trust investment business

Osaka-based Sumitomo Trust & Banking Corporation (Sumitomo) is making final arrangements to acquire Nikko Asset Management. The acquisition of the Japanese asset management unit of US financial giant Citigroup, would cost over $1 billion, reported Nikkei newspaper.

Cash-strapped Citigroup is on a restructuring program to scrap its non-core business units, after reporting close to $100 billion of credit losses and write-downs tied to the US sub-prime mortgage crisis. This May, the beleaguered bank had decided to sell Nikko Cordial Securities and part of Nikko Citigroup to Sumitomo Mitsui Financial Group.

Sumitomo, which owns STB Asset Management, is planning to curb asset management expenses with this purchase, as increased competition has eroded fund management revenue recently. As Nikko Cordial is the major sales channel for Nikko Asset Management, it is beneficial for Sumitomo Trust to bring Nikko Asset Management under its umbrella.

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