The Sumitomo Trust & Banking Co has reportedly reached an agreement with Barclays Global Investors UK Holdings to purchase all outstanding stocks of Barclays Global Investors Japan Trust & Banking Co, for a cash price of $41 million.
Reuters reported that, under the terms of the agreement, the Japanese bank will acquire the trust administration and custody operation of Barclays Global Investors Japan Trust & Banking Co, subject to regulatory approval.
The asset management unit, which is based in Tokyo, will be consolidated into Barclays Global Investors Japan Limited, the asset management entity of Barclays Global Investors UK Holdings.
According to Reuters, Barclays will remain as the investment manager of the assets, while Sumitomo Trust will be responsible for administration and custody duties.