Sumitomo buys Citi's Nikko Asset Management for US$1.2bn

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JAPAN - Sumitomo Trust and Banking Co. has announced plans to buy Citigroup's Japanese asset management arm, Nikko Asset Management, for JPY112.4bn (US$1.2bn).

Sumitomo said in a release it expects the deal to close on October 1, 2009. The combined firm will have JPY34.5trn in assets under management, with JPY8.8trn coming from the Nikko unit. Sumitomo...

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