Japanese financial group Mitsubishi UFJ Financial Group (MUFG) plans to boost recruitment in Japan’s wealth management sector by hiring 40 new graduates annually. The bank targets clients with assets of at least Y300m, with 300,000 account holders eligible for wealth management services. MUFG aims to shift to a fee-based model and expand estate planning services.

MUFG’s commercial banking and wealth management division leader Yutaka Miyashita stated that the bank is short of hands due to expanding client assets. The decision to increase recruitment comes as Japan’s stock market and real estate prices rise, resulting in more wealthy clients. MUFG is receiving wealth management expertise from Morgan Stanley.

In addition to bolstering recruitment efforts, MUFG is focusing on estate planning for ageing business owners and identifying startup founders as potential clients. The bank is also establishing an equity fund to invest in middle and later-stage startups in Japan, addressing the need for patient capital. The Y50bn fund is expected to be launched this financial year.

Read more at Yahoo Finance: MUFG to boost hiring in Japan’s wealth management sector- report