March 4 (Bloomberg) -- Moelis & Co., the U.S. investment bank founded by Kenneth Moelis, will enter an alliance with Japan’s Sumitomo Mitsui Financial Group Inc., said two people with knowledge of the matter.
The non-binding, non-exclusive agreement will allow New York-based Moelis to provide investment-banking services to Japanese clients of Sumitomo Mitsui’s securities unit, the people said, declining to be identified because the deal hasn’t been announced. Sumitomo Mitsui will gain access to Moelis clients outside Japan, they said.
Sumitomo Mitsui, which listed on the New York Stock Exchange on Nov. 1, aims to boost the share of profit coming from overseas to 30 percent in the next three years. Moelis, 52, started his own firm in 2007 after resigning as president of UBS AG’s investment bank, and now employs about 470 people.
The Tokyo-based bank will participate in the partnership through its Nikko Cordial Securities Inc. unit. Nikko Cordial’s Tokyo-based spokesman Kiyoo Kuniyoshi declined to comment. A spokeswoman for Moelis, who declined to be identified citing company policy, had no immediate comment. The Financial Times reported the alliance agreement earlier today.
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