FILE PHOTO: The logo of Mitsubishi Heavy Industries is seen at the company’s Sagamihara plant in Sagamihara, Japan, July 4, 2016. REUTERS/Maki Shiraki/File Photo

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

The trust banking arm, Mitsubishi UFJ Trust and Banking Corp, said on Monday it would buy 75% of AlbaCore through its Australian unit First Sentier Investors by September this year.

It also gets an option to buy the remaining 25% held by AlbaCore’s management, according to a person briefed on the matter, who declined to be identified because the matter is private.

Mitsubishi UFJ declined to comment on the size of the deal, while the Nikkei business daily reported it could total up to about 100 billion yen ($760 million).

AlbaCore Capital has $9.5 billion in assets under management with strengths in private credit, collateralised loan obligations and structured credit in Europe.

Reuters