UBS Launches Wealth Management JV in Japan
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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.
Questions & Answers
Q.What is the primary purpose of the new joint venture launched by UBS and Sumitomo Mitsui Trust?
What is the primary purpose of the new joint venture launched by UBS and Sumitomo Mitsui Trust?
The new joint venture aims to offer global securities and wealth management capabilities. It also combines these services with custody, real estate, inheritance, and wealth transfer expertise from a Japanese trust banking group.
Q.When was the initial wealth management alliance between UBS and SMTH first announced?
When was the initial wealth management alliance between UBS and SMTH first announced?
The establishment of the wealth management alliance between UBS and SMTH was first announced in June 2019. This initial agreement laid the groundwork for their subsequent collaborative efforts in the Japanese market.
Q.Which Japanese cities are included in the operational launch of UBS SuMi TRUST Wealth Management?
Which Japanese cities are included in the operational launch of UBS SuMi TRUST Wealth Management?
UBS SuMi TRUST Wealth Management has launched its operations across Japan. Specifically, the new company will be active in the key cities of Tokyo, Osaka, and Nagoya, covering significant financial centres.
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