Japan’s Mizuho Financial Group has invested in US asset management firm Golub Capital. This comes as the bank looks to expand its range of overseas financial products for affluent clients in Japan.
Mizuho announced on Tuesday it had acquired a less than 5 percent stake in Golub through its banking arm.
Golub specializes in direct lending to businesses, rather than buying their stocks. It manages 70 billion dollars’ worth of assets. Mizuho says the partnership will help the bank “meet the increasingly diversified needs of investors in Japan.”
The deal comes at a time when Japan is trying to promote itself as a leader in asset management. The government wants to accelerate the flow of funds from savings to investment.
The Financial Services Agency is calling on domestic financial institutions to refine their asset management business. They want firms to offer customer-centered products and provide greater expertise.