Japanese investment manager Nomura Asset Management has agreed to buy the asset management arm of ING Group in Taiwan.
Nomura AM will acquire ING Securities Investment and Trust Company, in partnership with an investment group managed by Ashwin Mehta, former CEO of ING Securities.
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Following the acquisition, Nomura AM will become the first Japanese asset manager to start operations in the region.
Toshihiro Iwasaki, CEO of Nomura AM, said the acquisition is part of their ongoing expansion in Asia and represents a very important opportunity for them to enter the Taiwanese market, one of the leading mutual fund markets in Asia.
"ING Securities Investment and Trust Company has an outstanding marketing team and investment management platform that has been built up over many years.
By leveraging the firm’s existing capabilities, we aim to enhance our presence in the local market while continuing to build out our investment management business in Asia," Iwasaki said.
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By GlobalDataThe transaction, which is subject to regulatory approval, is expected to close in the second quarter of 2014.
