Sumitomo Mitsui Financial Group is on the prowl. The Japanese lender said yesterday that it will invest $93 million in independent investment bank Moelis Company, just a day after it agreed to pay $7.3 billion for Royal Bank of Scotland’s aviation group.
The RBS buy was arguably a fire-sale purchase, while investing in the New York-based firm founded by former UBS executive Kenneth Moelis is an adjunct to an existing strategic alliance, which signals that while Sumitomo wants to expand its advisory business, it is not a reckless path. The price and pair-up have to be right.
For Sumitomo Mitsui, such investments make sense there...
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