Standard Life Investments enters alliance with Japan's Chuo Mitsui
GLOBAL - Standard Life Investments (SLI) has entered into a strategic alliance with Japan's Chuo Mitsui Asset Trust and Banking Company.
The move, for reciprocal asset management services, will see SLI advise on $1.2bn (€922m) worth of Chuo Mitsui's global equity funds, while the subsidiary of Chuo Mitsui Trust Holdings will offer guidance to SLI on assets worth $1bn in its Japanese equity funds.
Keith Skeoch, chief executive of SLI, said it was an important step in developing his company's global franchise.
"This is exciting news for both existing and potential clients, giving them direct access to recognised global expertise in the management of global equity and Japanese equity funds," he said.
Chairman of Chuo Mitsui, Tadashi Kawai, added: "Chuo Mitsui and Standard Life Investments have many similarities in their practices and procedures and share a deep-rooted commitment to providing clients with strong sources of alpha and the highest levels of customer service."
The agreement will also allow each company to market the other's funds through their own distribution networks, while both companies are considering working together on new products in the future.