Mizuho, MUFG join race by Japan's banks for money manager deals overseas

By Iain Withers and Anton Bridge

LONDON/TOKYO (Reuters) -Japanese banks Mizuho and MUFG are targeting buying or partnering with overseas money managers, they told Reuters, joining other Japanese financial companies aiming for a larger share of the global investing market.

Mizuho is prioritising a tie-up with a private asset specialist in Europe or the United States to give it a foothold in areas such as the booming credit market or infrastructure financing, an executive told Reuters.

MUFG, meanwhile, has identified overseas asset management – particularly in the United States and Europe – as a priority area for potential deals, the company said.

The banks, two of the largest in Japan, collectively manage about $1.3 trillion through their asset management arms, largely for local clients