Mizuho and MUFG Explore Overseas Asset Management Deals

Mizuho and MUFG asset management expansion plans are accelerating as the two Japanese megabanks explore acquisitions and partnerships abroad. Mizuho is targeting private asset specialists in Europe or the US to gain exposure to credit and infrastructure, while MUFG has identified overseas asset management as a strategic priority. Together, the groups manage USD1.3tr mainly for domestic clients, but sluggish growth and demographic headwinds at home are prompting diversification. They join Nomura and insurers Dai-ichi Life and Meiji Yasuda in pursuing deals to capture global growth. Japanese reforms aim to transform the nation into a leading international asset management hub.