Sumitomo Mitsui to take stake in Moelis

Sumitomo Mitsui Banking Corp has agreed to invest $93m in Moelis & Company, the independent US investment bank, as the Japanese lender seeks to expand its business globally and Moelis broadens its reach in Asia, reports the FT. The banks said on Tuesday that Sumitomo would take a stake in Moelis as part of the development of an alliance that the pair struck last March. People familiar with the matter said the Japanese bank would take an interest of about 5 per cent in Moelis, the deals and restructuring adviser set up by Ken Moelis in 2007.