TOKYO (Reuters) – Mitsubishi UFJ Financial Group (MUFG) and Morgan Stanley said on Tuesday they will collaborate on foreign exchange trading and in the Japanese research and equity businesses for institutional clients.
The steps would deepen their collaboration, which started with MUFG’s $9 billion investment in Morgan Stanley in 2008.
Under the new partnership, MUFG’s main banking unit will use Morgan Stanley’s global foreign exchange business platform for the merit of scale and for a more competitive offering to its clients.
For the Japanese research and equity businesses for institutional clients, the duo will combine those operations at their two brokerage joint ventures, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities.
MUFG owns 22.6% of Morgan Stanley.
Their current partnership includes global investment banking and wealth management.
(Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman)
