Japanese asset manager completes acquisition of First State Investments

Mitsubishi UFJ Trust and Banking Corporation (MUTB), a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), has completed the acquisition of First State Investments from Commonwealth Bank of Australia for $2.7bn. First State Investments will operate as a standalone global investment management business, governed by a board initially comprising representatives from First State Investments and Mitsubishi UFJ Trust and Banking. It is expected that the board will be expanded to include...