Mitsubishi UFJ Trust Sells Olympus Shares on Behalf of Clients

Mitsubishi UFJ Trust & Banking Corp., a unit of Japan’s largest lender, said clients trimmed their stake in Olympus Corp. (7733), the medical equipment maker under investigation for alleged accounting irregularities.

Mitsubishi UFJ Financial Group Inc. (8306)’s combined shareholdings dropped to 7.61 percent as of Nov. 11 from 10 percent, according to a filing with Japan’s Ministry of Finance today. The trust unit trimmed its stake in Olympus to 1.44 percent from 3.77 percent, while the banking unit maintained a 4.9 percent stake.

“Following requests from our clients, we sold the assets that belong to them,” Yasufumi Tominaga, a Tokyo-based spokesman for Mitsubishi UFJ Trust & Banking, said by phone.

Mitsubishi UFJ Morgan Stanley Securities Co. cut its Olympus shareholding to 0.59 percent from 0.75 percent, the filing shows. Mitsubishi UFJ Asset Management Co. increased its stake to 0.68 percent from 0.58 percent. Spokespeople for the Mitsubishi UFJ group weren’t immediately available for comment.

To contact the reporter on this story: Shigeru Sato in Tokyo at ssato10@bloomberg.net; Taku Kato in Tokyo at tkato6@bloomberg.net.

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net.

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