Mitsubishi UFJ to Acquire Robo-Adviser WealthNavi

Economy

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Tokyo, Nov. 29 (Jiji Press)--Mitsubishi UFJ Financial Group Inc. plans to acquire Japanese robo-advisory firm WealthNavi Inc. to reinforce its asset management services targeting individual customers, people familiar with the matter said Friday.

MUFG Bank, a unit of Mitsubishi UFJ Financial, plans to take full control of WealthNavi through a tender offer. The bank acquired a stake of over 15 pct in WealthNavi in March.

Mitsubishi UFJ Financial plans to use WealthNavi to expand services that offer financial products via smartphone apps.

A robo-adviser provides automated investment recommendations tailored to specific customer needs.

WealthNavi had 1,338.6 billion yen in customer assets under management as of the end of October.

[Copyright The Jiji Press, Ltd.]

Jiji Press