NEW YORK - Japan's Sanwa Bank, Tokai Bank, and Toyo Trust & Banking Co. say they plan to consolidate their asset management subsidiaries in April, when the three banks are to merge as United Financial of Japan Group.

The four asset management companies owned by the banks - Sanwa Asset Management Co., Partners Asset Management Co., Tokai Asset Management Co., and Toyo Trust Asset Management Co. - will integrate into an investment trust company.

The new company is to manage $22.3 billion of assets.

Bob Wolf, a spokesman for Sanwa Bank of California, did not return phone calls Wednesday seeking comment on how the merged subsidiaries would affect Sanwa's California unit.

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