New York - MUFG Investor Services, the asset servicing arm of Mitsubishi UFJ Financial Group, has gained all regulatory approvals for its acquisition of UBS Asset Management's Alternative Fund Services (AFS) business and the acquisition has closed. The deal forms part of MUFG Investor Services' strategy to build a global industry-leading fund administrator. The AFS acquisition raises MUFG Investor Services' total assets under administration to $266bn across 2,300 funds. Junichi Okamoto, Group Head of Trust Assets Business Group, Deputy President, Mitsubishi UFJ Trust and Banking Corporation said: "AFS is a strategic addition to our business and demonstrates our commitment and ambitions within the fund administration industry. MUFG Investor Services is committed to supporting clients throughout the investment lifecycle by taking a partnership driven approach, underpinned by technological innovation. "The asset servicing and specifically fund administration landscape is changing significantly under the pressure of increased demands from regulators, managers and investors. As part of one of the largest banks in the world, with $2.4 trillion in assets, we are in an excellent position to offer the complex solutions that clients require to continually meet these challenges. "We will be announcing further developments, aimed at enhancing our client and market proposition over the coming months."
A global asset management unit of Mitsubishi UFJ Financial , MUFG Investor Services , has acquired UBS Asset Management 's Alternative Fund portfolio ( equity ) for an undisclosed sum , though when the deal was first announced in June , it was suggested MUFG may pay JPY ##G ( $ 245 m ) for AFS . This deal is part of MUFG 's ongoing strategy to become a global industry - leading asset administrator , with the acquisition reportedly more than doubling equity 's total assets under consideration to $ 266bn across 2,300 funds .