Daiwa Securities Group has signed a sale and purchase agreement to transfer its global asset services division to Sumitomo Mitsui Trust Bank.

The global asset services division comprises Daiwa’s fund administration/ Ucits management company, custodian, trustee and authorised corporate director entities domiciled in Ireland, UK and Cayman servicing clients across the globe, including the activities in Hong Kong.

The transaction is subject to the customary regulatory approvals.  

The key tasks for the future are developing existing and additional servicing capacities and using SMTB’s global business network. The other major focus will involve strategic investment in technology solutions.  

The transaction allows Daiwa to focus on its securities and investment banking products. However Daiwa will continue to maintain the servicing of its offshore fund business with global asset services.  

SMTB is one of Japan’s largest financial institutions with a capital of JPY342.0bn and total assets of JPY33,303.2bn.

Established in 1925, SMTB offers banking, asset management, asset administration and real estate services to retail and institutional clients.

Daiwa Global Asset Services offers securities services including fund administration, custody, banking services, trusteeships and directorships to hedge funds, funds of funds, private equity funds, family offices and managed accounts.