Mitsubishi UFJ Financial Group (TYO:8306) unit Mitsubishi UFJ Trust and Banking plans to begin offering back-office services for investment funds as early as this spring, Nikkei reported Friday.
It aims to help fund operators outsource tasks such as accounting and compliance and focus on investment decisions, according to the report.
The trust bank will take over the administrative services business of MUFG Finance and Leasing, in what is expected to be the first entry by a Japanese trust bank into the domestic fund administration market, the report said.
The services will target special-purpose companies managing funds in areas including real estate, infrastructure, private equity and venture capital, covering functions such as net asset calculation and contract management, according to the report.
Mitsubishi UFJ Trust aims to administer funds with a combined 1 trillion yen in assets within five years, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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