Sumitomo Mitsui ties with U.K. fund

JIJI

Sumitomo Mitsui Trust Bank said Monday that it has agreed with London-based hedge fund Man Group PLC to form a capital and business partnership.

The tieup came as Man Group acquired another British hedge fund, FRM Holdings Ltd., which had been in partnership with former Sumitomo Trust and Banking Co.

Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, was launched in April through the merger of Sumitomo Trust and Banking and two other units of Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Trust and Banking had held a 5 percent stake in FRM Holdings under their capital and business partnership deal struck in August 2005. At the end of last December, Man Group had $58.4 billion in assets under management.