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Mitsubishi UFJ takes first step in building global money management business

Japanese banking giant Mitsubishi UFJ Financial Group Inc. took a giant first step on Oct. 31 toward its professed goal of building a global money management business with its announced deal to acquire Australia’s Colonial First State Global Asset Management — and a promise of more to come.

The acquisition of Colonial First State, a Sydney-based money manager with A$ 213 billion ($ 154 billion) in assets under management, is “just the beginning,” said Yutaka Kawakami, Tokyo-based execut…
Business News

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