Orix Corp., one of the nation's most acquisitive financial firms, is in early talks to purchase a U.S. fund manager as part of efforts to double its assets under management, Chief Executive Officer Makoto Inoue said.
The potential target is valued at around ¥150 billion to ¥200 billion, has performed well in Asia and Latin America, and does not belong to any major banking group, Inoue said in an interview, without giving the name.
Orix is seeking at least 10 percent annual profit growth over the next three years, Inoue said. The leasing and finance firm, which bought Rabobank Groep's Robeco Groep NV for 1.9 billion euros ($2 billion) in 2013, has been diversifying businesses and expanding overseas as a shrinking population in Japan limits domestic growth prospects.