Sumitomo Mitsui Trust Bank to acquire 15% stake in infrastructure investor Morrison
Sumitomo Mitsui Trust Bank to acquire 15% stake in infrastructure investor Morrison TOKYO, July 7 (Reuters) - The trust bank unit of Japan's Sumitomo Mitsui Trust Group 8309.T will acquire a 15% stake in infrastructure investment manager Morrison and make a $500 million initial commitment to two Morrison strategies, the companies said on Tuesday.
The return of inflation is encouraging Japanese investors to seek out greater returns on their assets. Alternatives - a broad asset class that include infrastructure - are a small but fast-growing area for asset managers looking to invest Japanese capital.
Morrison will become Sumitomo Mitsui Trust Bank's preferred global infrastructure manager and the two have agreed to collaborate on third-party capital raising for each other's infrastructure investment projects as well as the development of new infrastructure investment products for investors.
(Reporting by Anton Bridge; Editing by Jacqueline Wong)