In a major expansion of its asset management business, the U.S. banking unit of INDUSTRIAL BANK OF JAPAN, LTD. bought a 50 percent interest in ATLANTIC ASSET MANAGEMENT PARTNERS, LLC. This Stamford, Connecticut-based fixed- income money manager has approximately $4 billion under its control. With this addition, the total assets managed by IBJ WHITEHALL BANK & TRUST CO. for institutional investors and wealthy individuals moves close to $8 billion. The New York City company purchased an asset manager in April 1998 and this part of another company in May. IBJ Whitehall also provides commercial and merchant banking services to middle-market companies.
An exchange rate of ¥113=$1.00 was used in this report.aaaaaa