Sumitomo Trust to Buy DBS Asset Management for $119 Million, Nikkei Says

Sumitomo Trust & Banking Co. of Japan will acquire DBS Asset Management from DBS Bank of Singapore in exchange for 10 billion yen ($119 million) in shares of Sumitomo unit Nikko Asset Management Co., the Nikkei newspaper said, without citing anyone. The transaction will be signed today, the report said.

To contact the reporter on this story: Kazuyo Sawa in Tokyo at ksawa3@bloomberg.net

To contact the editor responsible for this story: Steven McPherson at smcpherson@bloomberg.net

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