Sumitomo Mitsui Financial Group agreed to acquire long-only and alternative British equity manager TT International for an undisclosed sum, the Japanese banking group said in a statement Friday.
The purchase boosts Sumitomo Mitsui's presence in the European pension plan market.
All of TT International's businesses, with $8.4 billion in client assets, are expected to be acquired by March 2020, subject to relevant approvals.
The deal follows strategic plans by Sumitomo to expand its money management capability. In April, Sumitomo Mitsui Asset Management merged with Daiwa SB Investments, creating Sumitomo Mitsui DS Asset Management.
Reached by email, a TT spokesman declined to comment further on the deal.
