Mitsubishi UFJ has entered into an agreement with Aberdeen Asset Management under which the Japanese bank will take an initial 9.9% stake in the UK-listed asset manger.
Mitsubishi UFJ has entered into an agreement with Aberdeen Asset Management under which the Japanese bank will take an initial 9.9% stake in the UK-listed asset manger.
The 'strategic business and capital alliance' agreement gives Mitsubishi - the second-largest bank in the world - the exclusive right to access Aberdeen's global investment products. The bank can increase its holding in Aberdeen up to 20%, subject to regulatory approval. A share of 15% or more would allow Mitsubishi to take a seat on the board.
Aberdeen said it sees the agreement as an opportunity to establish itself in the Japanese pension fund market. Aberdeen's property investment division, Aberdeen Property Investors, manages EUR 30 bn of direct and indirect property through separate accounts and collective funds.
