Sumitomo Mitsui Financial to Acquire British Asset Management Firm
Tokyo, Aug. 23 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. <8316> said Friday it will acquire London-based asset management firm TT International, which has strengths in emerging economies including China.
The overseas buyup deal, estimated to cost some 20 billion yen, is aimed at strengthening the megabank group's revenue base amid the protracted low interest rate environment in Japan, the company said.
The acquisition of all businesses of the British company is scheduled to be completed by next March, it added.
The balance of assets under TTI management stood at about 8.4 billion dollars as of the end of July.
Sumitomo Mitsui Financial is beefing up asset management operations under its medium-term business plan.
[Copyright The Jiji Press, Ltd.]