Daiwa Securities Group, the Korean financial services firm, has sold its global asset services arm to Sumitomo Mitsui Trust Bank to focus on its securities and investment banking businesses.

Daiwa's global asset services division is composed of the fund administration/UCITs management company, custodian, trustee and authorised corporate director entities based in Ireland, the UK and Cayman. These divisions service clients across the globe, including activities in Hong Kong. After the transfer of ownership, Daiwa Securities will still continue to maintain the servicing of its offshore fund business Global Asset Services. 

"The key headline items for the future involve developing synergies based on the new parent's stature as an established financial institution of size, developing existing and additional capabilities and utilising Sumitomo's global business network. We will also invest in technology solutions," said Joost Lobler, head of sales for Asia ex-Japan for GAS, Daiwa Capital Markets Hong Kong.

Sumitomo Mitsui Trust Bank has a capital of $4.29 billion and total assets of $417.38 billion.