UBS and Sumitomo Mitsui Trust further their two-year alliance with the latest launch of a wealth management joint venture in Japan.
UBS and Sumitomo Mitsui Trust Holdings (SMTH) has launched operations under joint venture UBS SuMi TRUST Wealth Management, according to a statement, across Japan in Tokyo, Osaka and Nagoya.
The new company is the first in Japan to offer global securities and wealth management capabilities paired with custody, real estate, inheritance, and wealth transfer expertise of a Japanese trust banking group, UBS said.
UBS and SMTH first announced the establishment of a wealth management alliance in June 2019.
Soon thereafter, the two groups established a consultation and event organizing company to identify prospective new clients and began cross-selling each other’s products into their respective client bases.
We knew that with a powerful partner specialized in this unique trust banking market, we could multiply the success we have already achieved organically,» said Victor Chang, UBS SuMi TRUST Wealth Management’s president and representatives director as well as the Japan head of wealth management. «No other wealth manager in Japan boasts the same breadth and depth of our services, not to mention global reach.