Mizuho aims to join “trillion dollar club” in asset management: report

The bank is reportedly in talks with overseas asset managers for deals.

Japan’s Mizuho Financial Group is reportedly in talks with overseas asset managers as it looks to join the “trillion-dollar club” within a decade, reports Reuters, based on an interview with Noriyuki Sato, head of the bank’s asset management business.

The bank is looking to hit $1t (JPY70t) in assets under management within the next 10 years, Sato said.

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"That's the threshold to be able to compete globally, not just in terms of volume but also quality," Sato was quoted saying.

This includes private assets, which Mizuho hopes to boost from about JPY4t to JPY20t. 

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"We've been in full-fledged discussions with multiple overseas asset managers," Sato said.

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