MUFG Bank to add 100 private bankers in securities venture with Morgan Stanley

The bank aims to have around 280 financial advisers in the next three years.

Bloomberg reports that Mitsubishi UFJ Financial Group (MUFG) is planning to add 100 private bankers to its securities venture with Morgan Stanley, Mitsubishi UFJ Morgan Stanley Securities Co. by transferring staff from its lending arm over the next three years.

This will bring the total number of financial advisers at the securities venture to 280, brokerage CEO Saburo Araki told Bloomberg, as the bank moves to generate fee income from its wealth unit in an effort to combat against the ultra low interest rates dampening lending profits.

Also read: MUFG weathers lacklustre lending gains after 2017 profits rose 6.8% to $8.98b

The firm is also assigning another 80 private bankers to target Japan’s super-rich, whose assets exceed $18m (2b yen), Araki added.

Japan trails behind the U.S. with the second-highest number of millionaires in the world, and about 45% of their wealth is stuck in cash, according to a recent Capgemini report.

Here’s more from Bloomberg:

Also Read

Deutsche Bank cuts 10 private banking roles in Asia: report

Deutsche Bank appointed by Euroclear as cash settlement and forex bank in Korea

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit