Japanese banks Mizuho and MUFG are seeking to buy or partner with overseas money managers to expand globally. Mizuho aims to tie up with a private asset specialist in Europe or the U.S., while MUFG is eyeing deals in the U.S. and Europe. Japan’s largest financial groups are looking abroad due to slow growth at home. The government is also pushing for Japan to become a leading asset management center. Nomura, Dai-ichi Life, and Meiji Yasuda have already made overseas acquisitions this year. Mizuho and MUFG’s investment divisions currently focus on Japanese equities funds, but are looking to expand internationally. MUFG AM is seeking non-organic growth opportunities to expand its existing business. MUFG AM has grown its headcount in London, its main international base, by half in just over two years. Europe is a key growth target for the company, with plans to expand through a distribution arrangement with Morgan Stanley.

Read more at Yahoo Finance: Mizuho, MUFG join race by Japan’s banks for money manager deals overseas