Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank by market value, is in talks to buy Morgan Stanley’s trust business, according to three people with knowledge of the matter.
The unit provides trust services for $4 billion of client assets within Morgan Stanley’s wealth-management division, said one of the people, who asked not to be identified while talks continue. UnionBanCal Corp., the Japanese bank’s San Francisco-based unit that already offers trust services, plans to acquire the business, the people said. Nikkei newspaper reported the negotiations yesterday, and said the transaction is subject to U.S. regulatory approval.
