UBS is to acquire Credit Suisse’s Japan wealth management business through a local joint venture.
UBS SuMi TRUST Wealth Management – a joint venture between UBS Securities Japan and Sumitomo Mitsui Trust Holdings – will acquire the wealth management business of Credit Suisse Securities (Japan), according to a statement.
Wealth management assets as well as employees of the Credit Suisse unit, including client advisors, will be transferred to the joint venture.
UBS SuMi TRUST Wealth Management confirmed that the wealth management assets CS JL manages in Japan will be transferred to UBS SuMi TRUST Wealth Management, following the merger of UBS AG and Credit Suisse AG which is expected to be completed by the end of June 2024.
Employees in wealth management division of CS JL, including client advisors will join UBS SuMi TRUST Wealth Management as new members.
After the integration, the capital structure of UBS SuMi TRUST Wealth Management will remain unchanged with UBS SJ 51% and SuMi TRUST Holdings 49%.
“This underscores the positive outlook of both UBS SJ and SuMi TRUST Holdings that the business will continue to grow through the unwavering partnership”, the statement said.
UBS Group (headquartered in Switzerland) and Sumitomo Mitsui Trust Group have established UBS SuMi TRUST Wealth Management through capital and business alliance for wealth management business in Japan, and began operations on August 10, 2021.
The statement added: “By integrating wealth management business of CS JL, UBS SuMi TRUST Wealth Management will establish a firm position in wealth management industry in Japan in terms of assets under management. In
response to the diverse needs of clients, we will provide appropriate solutions that go beyond just providing products, which only UBS SuMi TRUST Wealth Management can offer, and promote high-quality wealth management service.”
