Citigroup acquires 50% of Nikko Trust

The new NikkoCiti Trust and Banking Corporation will have a total of 7 trillion yen under administration.
The consolidation of Asia's custody and trust industry continued this week with Citigroup's purchase of 50% of Nikko Turst, a wholly-owned subsidiary of Nikko Securities.

The new NikkoCiti Trust and Banking Corporation is to be managed as a joint venture and will focus on offering custody and trustee administration services in Japan. The combined books of the two organizations will total 7 trillion yen under administration, mostly from public and pension fund clients.

Under the deal, the joint venture will purchase the trustee and custody business currently conducted in Japan by Cititrust. And it will be run by joint presidents - Akira Hirano from Nikko and Stephen Turner from Cititrust.

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