Mergers & Acquisitions / Joint Ventures

Sumitomo acquires Daiwa asset servicing arm


Japanese banking giant Sumitomo Mitsui Trust Bank is acquiring the global asset servicing arm of Daiwa Securities Group in an expansion that will give it the capability to service offshore funds globally while allowing Daiwa to exit the business to concentrate on its securities and investment products. The deal still requires approval from various regulatory authorities.

Sumitomo already has an onshore Japanese fund administration business, but the acquisition will enable it to move into the market for offshore funds.

In December 2011, the bank acquired a 40% stake in NewSmith LLP, the London-based equity asset manager founded