Mitsubishi UFJ Financial Group Inc. will take a 9.9 percent stake in Aberdeen Asset Management PLC, Scotland's largest independent money manager, and distribute the company's products in Japan.
Mitsubishi UFJ, Japan's biggest lender, will pay ¥20 billion, or $190 million, for the stake, the Tokyo-based company said at a press conference Thursday.
The bank agreed not to raise its holding beyond 19.9 percent for 18 months and will have exclusive rights to distribute some Aberdeen products, such as those related to stocks or fixed income, to Japanese institutional investors, the Aberdeen, Scotland-based fund manager said in a statement.
The deal with Aberdeen follows Mitsubishi UFJ's agreement to pay $9 billion to buy a 21 percent stake in Morgan Stanley.