SMTG (8309.T): Announces investment in Morrison, making it an SMTB equity-method affiliate.

Research evidence excerpt

SMTG (8309.T): Announces investment in Morrison, making it an SMTB equity-method affiliate.

Equity Research

7 July 2026 | 9:56PM JST

SMTG (8309.T): Announces investment in Morrison, making it an SMTB

equity-method affiliate. Buy

SMTG announced after the July 7 close it plans to invest in Morrison, a New Makoto Kuroda

+81(3)4587-9920 |

Zealand-based infrastructure asset manager, making Morrison an equity method makoto.kuroda@gs.com

Goldman Sachs Japan Co., Ltd.

affiliate of Sumitomo Mitsui Trust Bank (SMTB). According to company materials,

Hibiki Takuma

SMTB plans to acquire a 15% stake in Morrison by subscribing to a new equity +81(3)4587-4935 |

issuance (with the possibility of a partial share transfer) and appoint a non-executive hibiki.takuma@gs.comGoldman Sachs Japan Co., Ltd.

director to its board. Through this alliance, SMTB aims to expand its offering of

alternative investment solutions to domestic and overseas investors (targeting

USD1.5 bn in co-managed AUM), and also plans to make an LP (limited partner)

commitment of USD500 mn to Morrison’s infrastructure funds. The acquisition of the

stake in Morrison is subject to approvals from relevant regulatory authorities, and

therefore the acquisition date is currently pending (planned for 2H FY2026).

Financial impact

The financial impact disclosed by the company is as follows.

n The impact on the CET1 ratio is expected to be around 25 bp, which is scheduled

to materialize in FY2026 (FY2025 CET1 ratio: 10.3%, on a Basel III fully phased-in

basis, including AOCI).

n The profit contribution is expected to be around ¥10 bn in FY2035 (before

goodwill amortization), and ROC is expected to exceed 20% by FY2035 (ROC:

Profit after goodwill amortization and after tax, divided by required capital).