UBS and Sumitomo Mitsui Trust Holdings, Inc. (SuMi TRUST Holdings) announced today that their wealth management joint venture, UBS SuMi TRUST Wealth Management Co., Ltd. (UBS SuMi), will acquire Credit Suisse’s wealth management business in Japan.
Following the addition of Credit Suisse client assets in Japan, the partners will rebalance their investments in the joint venture so that the original UBS 51% / SuMi TRUST Holdings 49% ownership structure is maintained.
UBS SuMi envisages that all of CS’s advisors as well as the wealth management assets they manage in Japan will be transferred to UBS SuMi, following the merger of UBS AG and Credit Suisse AG which, as previously announced, is expected to be completed by the end of June 2024.
The addition of Credit Suisse client accounts will further extend UBS SuMi’s leading position in invested assets among global wealth managers in Japan.
“This agreement is about more than growth. It’s a solid vote of confidence in our joint venture business model and the value we are adding with Credit Suisse talent and assets. It also underscores the belief both of our firms have in Japanese wealth management itself,” said Zenji Nakamura, UBS SuMi’s president, as well as UBS’s Japan Country Head.
