A Japanese banking giant has taken a stake in Australasian wealth manager AMP Capital.
Mitsubishi UFJ Trust and Banking Corporation will buy a 15% stake in AMP Capital for $AUS425 million and form a strategic alliance.
AMP says the move will significantly expand its presence in Japan, boosting AMP Capital's growth into Asia.
Under the alliance, AMP Capital products will also be distributed to Japanese retail investors through Mitsubishi UFJ and third party distributors such as securities companies and regional banks.
AMP Capital says the alliance will give it access to around 80% of
Japan's institutional investors, about 14% of Japan's
retail and high net worth banking networks and about 100 retail
securities brokerage branches.