Sumitomo Mitsui Trust Holdings: To Form Tie-Up With UK's NewSmith
December 13 2011 - 9:02PM
Dow Jones News
Sumitomo Mitsui Trust Holdings Inc. (8309.TO) said Wednesday
that it will buy a 40% stake in an investment fund run by
U.K.-based NewSmith Capital Partners LLP for about Y4.2
billion.
Japan's leading trust bank will invest in NewSmith LLP, an
investment fund run by asset management and advisory firm NewSmith
Capital Partners, through a U.K. subsidiary of Sumitomo Trust &
Banking Co.
The Japanese group said the tie-up will help Sumitomo Trust to
gain a foothold in the global asset management business, while it
will also help the U.K. asset manager to expand its network outside
of Europe.
-By Atsuko Fukase, Dow Jones Newswires; 813-6269-2792;
atsuko.fukase@dowjones.com
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