Bank of America's Merrill Lynch said on Tuesday that it had recently closed the Tokyo office of Merrill Lynch Global Private Equity, a major international investment arm of the U.S bank.
Sources with direct knowledge of the matter told Reuters that the closure of its Tokyo office was due mainly to lack of deal flow in Japan's private equity markets.
A Merrill Lynch spokesman in Tokyo confirmed the closure of the Tokyo office of Merrill Lynch Global Private Equity (MLGPE) but declined to comment further.
MLGPE, founded in 1996, makes investments globally, with focuses on the United States, Europe, Japan, China, India, Latin America and Australia, according to its company web site.
Except Tokyo, all other regional and country offices of MLGPE are operating normally, according to the sources, who declined to be identified due to the sensitive nature of the matter.