September 30, 2015
Mizuho Financial Group, Inc.
Mizuho Bank, Ltd.
Mizuho enters into a Capital and Business Alliance with Matthews Asia
Mizuho Financial Group, Inc. (President & CEO Yasuhiro Sato) and Mizuho Bank, Ltd. (President & CEO Nobuhide Hayashi, "Mizuho Bank") (collectively, "Mizuho") announced today that it has agreed to enter into a strategic capital and business alliance with Matthews International Capital Management LLC(CEO William Hackett, "Matthews Asia").
Matthews Asia is a leading investment manager based in San Francisco focused solely on investing in Asia. "We are pleased to welcome Mizuho as a new equity holder in Matthews Asia. Given Mizuho's strong reputation in the financial services sector, their considerable experience and dominant presence in Japan, we are excited about the opportunities to partner with them in showcasing our distinctive Asia focused investment products," said William Hackett, CEO of Matthews Asia.
This alliance aims to enhance Mizuho's capabilities to respond to customer's needs in order to further strengthen its asset management business, which is one of its key focus areas, as well as to expand Mizuho's global asset management platform.
Asian economies are expected to continue on their high growth path over the medium to long term, and their importance to the global economy continues to increase. Mizuho and Matthews Asia will collaborate with each other aiming to expand the Japanese market of investment products that focus on Asia. Through this alliance, Mizuho will further reinforce its product lineup and enhance distribution opportunities by adding competitive investment products that cover the pan–Asia region.
In addition, Matthews Asia's Asia–focused investment products will bring strong growth to the firm based on its leading market position in the United States and will improve the profitability of Mizuho's asset management business.
- Overview of Capital Alliance
- (1)Mizuho Bank will acquire approximately 16% of the equity interests in Matthews Asia.
- (2)Along with this investment, Mizuho Bank will designate a member to the Matthews Asia Board of Directors.
- Overview of Business Alliance
Mizuho Financial Group, Inc. entered into a business alliance agreement with Matthews Asia. The group companies of Mizuho will distribute the Matthews Asia's products to Japanese individual and institutional investors, and over the long term, Mizuho's broader, global client base.
- Anticipated Closing Date of Investment
Mizuho Bank expects the acquisition of approximately 16% of the equity interests to close by the end of the first quarter of 2016, subject to customary closing conditions, including receipt of any required regulatory approvals. (Matthews Asia is expected to become an affiliated company under the equity–method.)
About Matthews Asia
Matthews Asia is an independent, privately owned firm and the largest dedicated Asia investment specialist in the United States. Established in 1991 in San Francisco, it had US$26.2 billion in assets under management as of August 31, 2015 and 142 employees. The firm focuses its investment efforts entirely within the Asia region and has almost 25 years of expertise investing through a variety of market environments. Matthews Asia takes a fundamental approach to investing, with the investment team spending considerable time on–the–ground conducting company research. The firm's philosophy is centered on a belief that an active, long–term investment approach is the most effective way to capitalize on Asia's on–going growth and development. Matthews Asia is the investment advisor for the Matthews Asia Funds, a group of 16 open–ended equity and fixed income mutual funds organized in the U.S. and 11 SICAVS registered in Luxembourg.