Mitsubishi UFJ To Purchase UK-based Investment Firm AlbaCore Capital

Mitsubishi UFJ Financial Group's trust banking arm will acquire UK-based investment firm AlbaCore Capital LLP as Japan's largest banking group seeks to expand private debt products in its asset management business.

Mitsubishi UFJ Trust and Banking Corp announced on Monday that it would purchase 75% of AlbaCore through its Australian unit First Sentier Investors by September of this year.

According to a person briefed on the matter, who declined to be identified because the matter is private, it also receives an option to purchase the remaining 25% held by AlbaCore's management.

Mitsubishi UFJ declined to comment on the deal's size, but the Nikkei business daily reported it could be worth up to 100 billion yen ($760 million).

AlbaCore Capital manages $9.5 billion in assets in Europe, with a focus on private credit, collateralized loan obligations, and structured credit.

The Mitsubishi Group is a collection of self-contained Japanese multinational corporations operating in a variety of industries. The Mitsubishi Group, founded in 1870 by Yatar Iwasaki, is historically descended from the Mitsubishi zaibatsu, a unified company that existed from 1870 to 1946.