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UBS, Japan’s Sumitomo Mitsui Trust Form Wealth Management Joint Venture

By Rita Raagas De Ramos June 10, 2019

UBS announced Friday plans to launch a “comprehensive strategic wealth management partnership” in Japan with Sumitomo Mitsui Trust Holdings.

The new joint venture will combine UBS’ global capabilities in wealth management with SuMi Trust Holdings’ “stature as Japan’s largest, independent trust bank,” UBS says in a press release.

The two companies have agreed to establish a joint venture that’s 51% owned by UBS.

Subject to receiving all necessary regulatory approvals, the two companies plan to begin offering each other’s products and services to their respective current and future clients at the end of 2019. Also subject to approvals, these activities will ultimately be incorporated into a new co-branded joint venture company by early 2021.

The joint venture will offer products, investment advice and services beyond what either UBS Global Wealth Management or SuMi Trust Holdings are currently able to deliver on their own, according to UBS.

Citing an example, UBS says the joint venture will open its current wealth management customer base to a full range of Japanese real estate and trust services, while SuMi Trust Holdings’ clients will be able to access UBS’s wealth management services, including securities trading, research, and advisory capabilities.

UBS says SuMi Trust Holdings has “one of the largest pools” of high-net-worth and ultra-high-net-worth clients in Japan.


“No wealth management firm today provides this range of offerings to Japanese clients under a single roof. UBS expects the new joint venture to fill this gap by offering expanded products and services to clients from both franchises,” UBS says in the press release.

This is the Japanese market’s first-ever wealth management partnership developed between an international financial group and a Japanese trust bank, UBS adds.