Finance Magnates learned on Monday that post-trade solutions provider Point Nine has been acquired by Mitsubishi UFJ Trust and Banking Corporation (MUFJ).
The Cyprus-based firm, which works with both buy and sell-side companies across the world, offers clients outsourced operations, processing and reporting for post-trade execution.
Founded in 2002, the financial technology company currently works with almost 80 financial services firms, including hedge funds, asset managers, brokers, and banks.
In a statement published on its LinkedIn page late on Monday evening, the firm said that it entered into a share purchase agreement with MUFJ on June 7.
“Unparalleled industry leader in Japan”
MUFJ issued a separate statement in which they said Point Nine would be renamed MUFG Investor Services FinTech Limited once the acquisition has been completed.
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That same statement also gave some indication as to why the Japanese banking giant decided to acquire Point Nine.
“The Asset Management & Investor Services Divisions of the Trust Bank, aim to become an ‘unparalleled industry leader in Japan as well as a global player boasting significant presence overseas,’ said the firm’s statement.
“In order to achieve this goal, MUFG has been pursuing growth, centered around [MUFJ], through inorganic investment, as well as enhancing its investor services capabilities and competitiveness.”
MUFJ is currently the largest investor services company in the Asia and Oceania region.
Along with regular banking solutions, the Japanese company offers a disparate set of services, including an asset management offering, inheritance services, and a stock transfer agency.