June 25, 2009

3 Bidders Left for Nikko Asset

According to Nikkei, Citigroup has cut its list of candidates to Sumitomo Trust & Banking Co., T&D Holdings Inc and Bank of New York Mellon Corp. By acquiring Japan's third-largest fund manager with about $90 billion in AUM, Bank of New York Mellon hopes to boost its presence in the Japanese financial industry. Both Sumitomo T&B, one of Japan's leading trust bank, and T&D, a listed insurance company are eager to beef up their asset management business. The bidding process has reached its most crucial part.

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