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.
After adding Credit Suisse client assets in Japan, the partners will rebalance their investments in the joint venture so that the original ownership structure of UBS 51% / SuMi TRUST Holdings 49% is maintained.
UBS SuMi anticipates that all CS advisors as well as wealth management assets under management in Japan will be transferred to UBS SuMi, following the previously announced merger of UBS AG and Credit Suisse AG, which is expected to be completed by end. of June 2024.
The addition of Credit Suisse client accounts will further extend UBS SuMi’s leadership position in invested assets among global wealth managers in Japan.
“This deal is about more than development. It is a solid vote of confidence in our joint venture business model and the value we add with the talent and assets of Credit Suisse. It also underlines both our firms’ belief in Japanese wealth management itself,” said Zenji Nakamura, president of UBS SuMi, as well as the head of UBS in Japan.