Mizuho Financial Group is purchasing a minority equity stake in money manager Matthews International Capital Management, a news release from Matthews said.
Mizuho's purchase of 16% of the San Francisco-based money manager, which invests primarily in Asia, is expected to close at the end of the first quarter of 2016. Terms of the deal were not disclosed.
“We are pleased to welcome Mizuho as a new owner in Matthews Asia,” said William Hackett, Matthews CEO, in the news release. “Regarded as a pre-eminent global financial institution, Mizuho's investment in our firm is an endorsement of the success Matthews Asia has achieved for our clients over the past 24 years. Mizuho's investment will help ensure continued long-term stability of ownership while retaining our independence.”
Earlier this year, Mizuho announced the merger of two of its money management companies, Mizuho Asset Management Co. and Shinko Asset Management Co., leading some industry experts to believe the firm would begin global expansion.
Matthews International Capital Management had $21.5 billion in worldwide institutional assets under management as of Dec. 31, and $187 million in U.S. institutional AUM, according to Pensions & Investments data. The firm had $26.2 billion in AUM as of Aug. 31, the release said.
Officials at Mizuho could not be reached by press time; Victoria Odinotska, a spokeswoman for Matthews, could not provide further information by press time.