Mitsubishi UFJ to Acquire WealthNavi

Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest financial groups, announced on November 29 that it will acquire WealthNavi, Japan’s largest robo-advisor provider of discretionary investment services.

In Japan, the government has been promoting the realization of an asset management nation, and new initiatives such as the small amount investment tax exemption (NISA; Nippon Individual Savings Account) have been implemented. Financial institutions have also begun to expand their services for the formation of personal financial assets.

Against this backdrop, WealthNavi has expanded its business, with assets under custody reaching 1.3386 trillion JPY as of the end of October. The Japanese market for robo-advisors is growing, and according to a research firm, the balance base is expected to exceed approximately 3 trillion JPY in 2024 and 1.2 billion JPY in 2030.

With this acquisition, MUFG is said to be aiming to strengthen its asset management services for individuals.

(source) https://news.yahoo.co.jp/articles/78d1a48d64b58ff48e7cc2573ff70f18478d0618