Mizuho Financial Group, Nomura Holdings, Sumitomo Mitsui Financial Group (SMFG), Sumitomo Trust & Banking, and T&D Holdings have reached the second round of bidding for Citigroup’s Japanese fund management division, Nikko Asset Management, reported Nikkei English News.
Nikko Asset Management, with over 9 trillion yen in assets under management, is estimated to witness a steady growth in its business during this year. As a result, several companies are interested in buying and are offering more than 100 billion yen for it, the paper reported.
SMFG, Japan’s third-biggest bank, had decided to purchase Citi’s Japanese broker and key investment banking units for close to $6 billion, only last month. However, the deal did not include Nikko Asset Management.
