Two newly created securities ventures between Mitsubishi UFJ Financial Group Inc. and U.S. investment bank Morgan Stanley started full operations Thursday in Japan.
Mitsubishi UFJ Morgan Stanley Securities Co. handles retail and investment banking, while Morgan Stanley MUFG Securities Co. offers brokerage services for institutional investors.
“We will seek to capture leadership in our business in Japan by utilizing the international outreach of Morgan Stanley,” Fumiyuki Akikusa, president of Mitsubishi UFJ Morgan Stanley, said during a joint news conference in Tokyo.
Jonathan Kindred, president of Morgan Stanley MUFG, said his company aims to sell Morgan Stanley’s internationally traded financial products to MUFG clients.
The two securities companies were formed Saturday.
MUFG acquired $9 billion worth of preferred shares in Morgan Stanley in October 2008 when the banking crisis took a serious turn. Since then, the two financial institutions have been working to consolidate their business alliance.
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