Sumitomo Tr. To Beef Up Asset Mgt. Business

Sumitomo Trust & Banking Co., an independent trust bank and its subsidiary Nikko Asset Management Co., are in the final stages of acquiring two foreign asset management companies, according to Nikkei. They are Tyndall Investment Management Ltd., a subsidiary of a major Australian financial group and DBS Asset Management Ltd., a subsidiary of Singapore's largest bank, DBS Bank. Sumitomo Group will likely spend up to 10 billion yen to purchase the two subsidiaries.