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Sumitomo Picks Banks For $1B Nikko IPO

Sumitomo Trust & Banking Co. is raising about $1 billion in an initial public offering of Nikko Asset Management.

    Sumitomo Trust & Banking Co.is raising about $1 billion in an initial public offering (IPO) ofNikko Asset Management,Reutersreports. The company has appointedGoldman Sachs GroupandUBSas joint global coordinators to manage the offering.

    Nomura Securitiesis 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 fromCitigroupfor $1.2 billion in July 2009.

    Click here for the story fromReuters.

    Click here for additional coverage fromBloomberg.

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