Japan’s Mitsubishi UFJ Trust and Banking Corporation will buy Sydney-headquartered pension administrator Link Group.
MUFG will acquire 100 percent of the issued shares of Link Group for A$1.2 billion ($803 million), according to a statement.
Headquartered in Sydney, Link is Australia’s largest pension administration company, providing services to 41 percent of the country’s private pension members, or 10 million accounts. It also provides stock administration services in Australia as well as the UK and India.
Strategic Acquisition
According to MUFG, the acquisition is part of a broader strategy to invest in growth businesses such as fund administration. The latest purchase of Link marks the seventh acquisition by Japan’s largest banking group within the industry in a decade.
«MUFG’s strategy for sustainable growth and improved profitability includes investments in growing business areas, one of which is the global asset management & investor services business, and as such, it has hitherto completed inorganic strategic acquisitions of global fund administration companies,» the bank said.
