A major Japanese securities company has announced ambitious plans to dramatically expand its retail wealth management business over the coming years.
Mitsubishi UFJ Morgan Stanley Securities revealed its goal to boost assets under management for individual clients by 10 trillion yen, equivalent to approximately $62 billion, according to company president Hiroyuki Seki in a recent interview with Reuters.
The financial services firm, which operates as a partnership between Japan’s biggest banking organization Mitsubishi UFJ Financial Group and Morgan Stanley, also intends to add several hundred employees to its sales team, Seki explained.
This aggressive expansion strategy comes as Japan’s wealth management industry anticipates significant growth driven by the country’s emergence from deflation and increasing interest rates, which are motivating savers to move their money from cash deposits into investments offering better returns.
Revenue generated from overseeing these investment portfolios has contributed to improved earnings throughout Japan’s financial services industry.
Company records show that as of March’s conclusion, MUMSS managed total assets worth 55.9 trillion yen.
The organization intends to strengthen relationships with workers and leadership at current business clients while expanding its service offerings, including providing loans secured by a broader variety of client holdings, according to Seki.
At present, the firm offers financing arrangements backed by stock investments.
