Japanese bank Mitsubishi UFJ is set to snap up a 9.9% stake in Aberdeen Asset Management.
Under the terms of the deal, the Mitsubishi UFJ Trust and Banking Corporation (MUTB) subsidiary has agreed to promote Aberdeen products in the Japanese institutional marketplace.
MUTB may purchase up to a maximum 19.9% of Aberdeen's issued share capital, if it wishes. The Japanese bank has also pledged not to sell its initial acquired stake for one year.
Aberdeen CEO Martin Gilbert says the partnership will enhance the firm’s global distribution and broaden its client base.
“It accelerates a strategic objective of establishing ourselves in Japan, a key market for us,” he says.
“Furthermore our strong product offerings in global equities, emerging market equities and global fixed income complement the trend of Japanese investors looking to invest overseas."
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