Mitsubishi UFJ Financial Group (MUFG) plans to broaden its 17-year partnership with Morgan Stanley (MS) by expanding the alliance into global asset management, Bloomberg reported Thursday.

MUFG, which owns roughly 20% of Morgan Stanley, plans to offer more of the US bank's investment products to Japanese customers while leveraging Morgan Stanley's global network to distribute its own, according to the report.

Building on their 2023 "Alliance 2.0" expansion, the firms are now exploring a broader "3.0" phase that would extend collaboration into private assets, real estate, and investment banking in emerging Asian markets, the report said.

Outside the alliance, MUFG is also pursuing acquisitions in Asia and the US as it aims to maintain a return on equity above 12%.

Mitsubishi UFJ Financial Group and Morgan Stanley didn't immediately respond to a request for comment from MT Newswires.