Japanese online brokerage Monex is set to enter the wealth management space to serve increasing client demand.

The new services will be launched by the firm through its newly established Private Wealth Department.

Monex previously offered in-person consultation to its customers through independent financial advisers (IFA).

This model was used by the firm to make available its product line-up as well as securities operations to the wealthy customers through both online transactions and in-person marketing.

The latest development comes as the firm registers steady growth in the assets under management accumulated through IFAs.

Monex said that its wealth management service will focus on protecting the value of clients’ assets and offer in-person marketing to high-net-worth (HNW) individuals.

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Announcing the new service, the company said in a statement: “Monex recognises the need for stable and robust services in this area, as the wealth management in Japan, often primarily offered by foreign financial institutions, has a history of restructuring and reorganisation among players.

“Monex is committed to its goal of offering the wealth management services that protect the value of customers’ assets and of becoming a customer-centric asset/wealth manager.”

The company divulged that its newly hired head of Private Wealth Department will assume the role from next week.

Monex operates several brokerages and crypto exchanges in Japan.

The firm entered the cryptocurrency market in 2018 with the acquisition of cryptocurrency exchange Coincheck.

Other recent moves in Japan’s financial space

In August this year, a wealth management joint venture between UBS and Sumitomo Mitsui Trust Holdings started operations in Japan.

This May, Bloomberg reported that Japanese brokerage Daiwa is planning to expand Chinese business with the aim of capitalising on evolving asset-management space.