UBS, Sumitomo Mitsui Trust to establish joint venture

Swiss Lender UBS and Japanese bank Sumitomo Mitsui Trust have a deal that will see the pair launch a wealth management joint venture in Japan, with the new company expected to be launched by 2021.

The majority of the new entity will be owned by UBS with a 51 percent stake in the venture, but it will serve to expand both companies’ wealth management offerings.

“This new tie-up will create Japan’s first‐ever ‘one‐stop shop’ for all the wealth management needs of high net worth and ultra-high net worth individuals,” said UBS Japan Country Head Zenji Nakamura.

The Swiss firm is the latest in a line of foreign asset management companies looking to target the country’s estimated $17 trillion worth of household assets.