Japanese financial services firm ORIX has purchased a 90.01% stake in Dutch asset management firm Robeco in a deal worth €1.93 billion.
The acquisition, which is still subject to legal and regulatory approvals, is part of Tokyo-based ORIX’s plans to increase its presence in the global asset management industry.
Under the agreement, ORIX will form a strategic alliance with Robeco’s parent company Rabobank, with the latter retaining a 9.99% in Robeco to help oversee future development of its business. The deal will also see the Dutch group's banking activities moved to Rabobank .
ORIX stated it has committed to supporting Robeco’s 2010-2014 investment strategy and its current management team structure.
Rabobank said its decision to sell Robeco to ORIX was based on the Japanese firm's strong future growth prospects as it aims to build on its existing presence in the growing Asian and Middle East pension and asset management industries.
The deal is part of a new business model being pursued by ORIX which aims to combine finance with related services. It said Robeco offered a diversified range of business across asset classes and businesses.
This marks ORIX’s second move into the world of asset management, having purchased US-based company Mariner Investment Group in 2010.
It will also retain Robeco’s Supervisory Board structure with the addition of independent members and representatives of ORIX.
This development comes hot-on-the-heels of Robeco announcing a record increase in assets under management, which rose 26% between 2011 and 2012 to stand at €189 billion at the end of last year.
Commenting on the deal, Roderick Munsters, CEO of Robeco Group, said: ‘Just like Robeco, ORIX Corporation is a client focused organization with an entrepreneurial culture. As part of ORIX Group, we will continue to serve our clients' best interests and achieve attractive investment returns.’