Sumitomo Trust & Banking Co. is raising about $1 billion in an initial public offering (IPO) of Nikko Asset Management, Reuters reports. The company has appointed Goldman Sachs Group and UBS as joint global coordinators to manage the offering.
Nomura Securities is serving as joint book runner for the IPO, which is likely to be completed by the end of 2011. Nikko Asset will list its shares in Tokyo only. Sumitomo purchased Nikko Asset from Citigroup for $1.2 billion in July 2009.