Mitsubishi UFJ completes acquisition of First State Investments

In £2.2bn deal

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 (£2.2bn).

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 independent non-executive directors in the coming year. Investment Week first reported that Mitsubishi UFJ was set to buy Colonial First State Global Asset Management, First State's parent company, back in October 2018. Mark Steinberg, First State Investments' chief executive officer, commented that the transition i...