Mergers & Acquisitions / Joint Ventures

Sumitomo Mitsui completes acquisition of Daiwa asset servicing division


Japanese banking giant Sumitomo Mitsui Trust Bank completed on November 21 its acquisition of the asset servicing division of Daiwa Securities, expanding its activity in the servicing of alternative investment funds.

It has rebranded the acquisition as SuMi Trust Global Asset Services and it is now looking to offer comprehensive asset administration services in Japan for offshore products. SMTB is one of Japan’s largest financial institutions with a capital of JPY342 billion and total assets of JPY33.3 trillion.

The Daiwa unit includes its fund administration/UCITS management company, custodian, trustee and authorised corporate director entities domiciled in Ireland,