Citigroup acquires 50% of Nikko Trust

The consolidation of Asia's custody and trust industry continued this week with Citigroup's purchase of 50% of Nikko Turst, a wholly-owned subsidiary of Nikko Securities. The new NikkoCiti Trust and Banking Corporation is to be managed as a joint venture and will focus on offering custody and trustee administration services in Japan. The combined books of the two organizations will total 7 trillion yen under administration, mostly from public and pension fund clients.Under the deal, t…