Mizuho Financial Group is buying a stake in asset manager Matthews International Capital Management from Lovell Minnick Partners, which will remain a minority equity holder.

Matthews, headquartered in Westborough, Massachusetts, is an Asia investment specialist with $26.2 billion in assets under management. The firm has been backed by Philadelphia private equity firm Lovell Minnick since January 2011. Lovell Minnick specializes in investing in financial services businesses.

Tokyo-based financial services business Mizuho is buying a 16 percent stake in Matthews. Terms of the deal were not disclosed.

RBC Capital Markets advised Lovell Minnick, and Kirkland & Ellis provided legal advice.

Other asset management deals include the reported purchase of General Electric Co.'s private equity investment group by Ardian for about $500 million, and NewStar Financial Inc.'s purchase of Feingold O'Keeffe Capital, an asset manager.

For more on investing in Asia, see As China's Economy Falters, Southeast Asia Attracts Dealmakers

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