Sumitomo Mitsui Trust Group has agreed to collaborate with Raymond James Financial to boost the Tokyo-based bank＊s U.S. operations, people familiar with the matter said, in the latest move by a Japanese financial firm to seek more growth abroad.

St. Petersburg, Florida-based Raymond James has a broad network of small and medium-sized business clients and wealth management customers across the United States. Sumitomo Mitsui Trust is keen to tap the U.S. firm＊s clientele to provide funds for mergers and acquisitions and sell Japan-related investment products to wealthy individuals, the people said.

In addition to collaborating in asset management, the two companies are exploring working together in areas such as finance, M&A and real estate transactions, the people said. Sumitomo Mitsui Trust will make an announcement soon on the agreement, they said.

Spokespeople for Sumitomo Mitsui Trust and Raymond James declined to comment.

With interest rates in Japan climbing from rock-bottom levels and inflation becoming more entrenched, investors are looking for products that offer more yields. Those include stocks as well as real estate and other investment products, and financial firms both at home and abroad are seeking opportunities to do more business in the Japanese market.

Sumitomo Mitsui Trust is trying to shift from traditional banking to operations more focused on asset management, as the government urges households to move from savings to investments. The financial group, one of the biggest in Japan＊s trust bank sector, is establishing a new asset management division from April that will also watch over those operations at group firms.

Raymond James, founded in 1962, provides securities, banking, asset management and other services across the United States. It＊s also active in areas such as M&A support for small and medium-sized enterprises and securities sales to individuals.

The company said it had about $1.73 trillion in client assets as of September 2025, and employed around 19,000 professionals and financial advisers in the U.S., Canada and other international centers.