Mitsubishi Corp. will set up a $300 million fund with Aladdin Capital Holdings LLC, a U.S. hedge fund, as part of a bid to strengthen its finance business.
Mitsubishi International Corp., a wholly owned subsidiary of Tokyo-based Mitsubishi, will buy a 19.5 percent stake in Aladdin Capital, Japan's biggest trading house said Wednesday.
The fund will start later this month or in June and plans to invest in funds managed by Delaware-based Aladdin, it said.
Mitsubishi set up its Industrial Finance, Logistics & Development Group in April 2007 to boost financial business and promote asset management.
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