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(Bloomberg) — Sumitomo Mitsui Trust Group Inc. said it’s agreed to collaborate with Raymond James Financial Inc. of the US, in the latest move by a Japanese financial firm to seek more growth abroad.
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The Tokyo-based bank may work with Raymond James in areas such as finance, mergers and acquisitions, real estate transactions and asset management, the Japanese firm said in a statement with its banking unit. The US company oversees about $1.8 trillion in client assets, and serves clients including medium-sized businesses and high net-worth individuals, according to the statement.
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Sumitomo Mitsui Trust’s statement confirms remarks reported earlier by Bloomberg News citing people familiar with the matter. The Japanese bank is keen to tap the US firm’s clients to provide funds for M&A and sell Japan-related investment products to wealthy individuals, they said.
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With interest rates in Japan climbing from rock-bottom levels and inflation becoming more entrenched, investors are looking for products that offer more yield. Those include stocks as well as real estate and other investment products, and financial firms both at home and abroad are seeking opportunities to do more business in the Japanese market.
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Sumitomo Mitsui Trust is trying to shift from traditional banking to operations more focused on asset management, as the government urges households to move from savings to investments. The financial group, one of the biggest in Japan’s trust bank sector, is establishing a new asset management division from April that will also watch over those operations at group firms.
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Sumitomo Mitsui Trust Bank Ltd. has held a minority equity stake since 2017 in US boutique investment bank GreensLedge Holdings LLC, which works in areas including structured credit and securitization. Raymond James has acquired a majority share in GreensLedge, while the Japanese bank has retained its stake, according to the statement.
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St. Petersburg, Florida-based Raymond James, founded in 1962, employed around 19,000 professionals and financial advisers in the US, Canada and other international centers, according to its website.
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—With assistance from Yizhu Wang.
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(Updates with material from statement, adds information on GreensLedge stakes)
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English (US)