Japan's ORIX Corp Acquires Dutch Asset Manager In European Push

Chrissy Coleman

20 February 2013

Japanese financial services group, ORIX Corporation is acquiring a majority stake in Dutch asset manager, Robeco, from its owner, Rabobank, for over €1.9 billion ($2.59 billion).

ORIX is taking on approximately 90 per cent Robeco. Legal and regulatory approvals are expected to be completed in six months’ time, ORIX said in a statement yesterday.

Part of the agreement is a strategic alliance between Rabobank and ORIX – the former will retain a 9.99 per cent share in Robeco and continue to cooperate in maintaining and expanding Robeco’s business platform. ORIX will allocate treasury stock to Rabobank as part of the acquisition price, and as a result Rabobank becomes a shareholder of ORIX.

Additionally, according to the statement, ORIX and Rabobank have agreed that Robeco’s banking activities, which are only based in the Netherlands, will be transferred to Rabobank with Robeco retaining its client service relations.

“Robeco is a global company with an outstanding brand and excellent management, well-diversified in all aspects including asset management products, investor clientele, managed portfolio, and regional presence,” said Yoshihiko Miyauchi, chief executive of ORIX Group.

“The management team has displayed tremendous performance over the years and we are confident that they will continue to accomplish this going forward. ORIX will continue expansion in Europe and the US, as well as growth in Asia and Middle East regions where it has a strong platform,” he continued.

ORIX has been seeking to build its presence in the global asset management industry in recent years in order to implement its strategy of combining finance with related services – for example it also increased its footprint in the US through the acquisition of Marnier Investment Group in 2010.

Rabobank said it decided to sell Robeco to the Japanese firm on the basis that becoming part of the ORIX Group will enhance its future growth prospects. And in turn for ORIX, it is its most significant strategic acquisition to date, and it will become ORIX’s primary platform for future growth, according to the statement.

“The rationale for ORIX’s acquisition of Robeco includes the strength of Robeco’s global brand, its diversified range of business across asset classes and region, the breadth of it global distribution network and experienced investments team,” the statement said.

Robeco’s management board will remain in their current roles with Roderick Munsters continuing as chief executive and reporting to ORIX headquarters in Tokyo.