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June 7, 2019

UBS targets Japan’s wealthy through JV with Sumitomo Mitsui Trust

Swiss banking group UBS and Japan’s Sumitomo Mitsui Trust have announced plans to launch a new wealth management joint venture (JV) targeted at the affluent in Japan.

The Swiss bank, which operates in Japan through branches in Tokyo, Osaka, as well as Nagoya, will be the majority stakeholder in the JV with a 51% holding.

Sumitomo Mitsui will own the remaining stake.

The JV is set to be mutually beneficial, offering UBS clients access to Sumitomo Mitsui’s real estate and trust services.

On the other hand, Sumitomo Mitsui customers will gain access to the securities trading, research, and advisory services of UBS.

Plans are on to open the co-branded entity in 2021.

UBS Japan country head Zenji Nakamura said: “This transaction is a boost for our overall business in Japan, as it also brings reputational benefits to our investment banking and asset management units which fall outside this alliance.

“It is a new milestone that sends a clear message of long-term commitment to the Japanese market.”

Sumitomo Mitsui is said to be the largest trust banking group in Japan, with JPY285 trillion ($2.63 trillion) in assets under custody at the end of March 2018.

Earlier this week, the firm’s core business Sumitomo Mitsui Trust Bank formed a real estate investment JV with Aberdeen Standard Investments.

The Sumitomo-Aberdeen JV will focus on Japan.


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