Mitsubishi UFJ Trust to Sell Australian Asset Management Firm
Tokyo, Aug. 13 (Jiji Press)--Mitsubishi UFJ Trust and Banking Corp. said Thursday it will sell its entire 15 pct stake in AMP Capital Holdings Ltd., an Australian asset management company, for 460 million Australian dollars.
The Mitsubishi UFJ Financial Group Inc. <8306> unit will sell the stake to AMP's parent company. The Japanese firm expects to complete the transaction in the July-September quarter.
The sale will have little impact on Mitsubishi UFJ Financial's earnings, according to the trust banking unit.
Mitsubishi UFJ Trust has been selling AMP's investment products in Japan since December 2011, when they formed a capital and business partnership. It will continue to sell AMP products after the stake sale.
The sale of the AMP stake is part of a review by Mitsubishi UFJ Trust of shareholdings involving small amounts of investment.
[Copyright The Jiji Press, Ltd.]