Japan's SMFG to buy British asset manager to bolster fee-based revenue
Share:
TOKYO (Reuters) - Sumitomo Mitsui Financial Group (SMFG) said on Friday it would acquire British asset manager TT International, in a move to generate a fee-based revenue and attract Japanese investors hamstrung by low domestic returns.Japanese banks are turning to asset-based fees to generate a reliable revenue source under Bank of Japan's policy that has kept ultra-low rates for years.Sumitomo Mitsui, Japan's second-largest lender by asset, has decided to buy a foreign asset manager for the..