MUFG Overhauls Joint Ventures With Morgan Stanley in Japan
- Banking giants formed entities after making alliance in 2008
- Morgan Stanley CEO pledges to keep tie-up for ‘years to come’
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Mitsubishi UFJ Financial Group Inc. and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganization since the two entities were formed more than a decade ago.
The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said in a statement on Tuesday. The banks also agreed to collaborate on foreign-exchange trading.