- First to be formed by a global financial group and a Japanese trust bank
- New firm blends UBS’s wealth management expertise and global reach with Sumitomo Mitsui Trust Holdings’ Japanese dominance to deliver a uniquely comprehensive product portfolio
Tokyo, August 10, 2021 – UBS SuMi TRUST Wealth Management Co., Ltd. announced that it launched operations in Tokyo, Osaka, and Nagoya today. The new company is the first in Japan to offer global securities and wealth management capabilities together with the custody, real estate, inheritance, and wealth transfer expertise of a Japanese trust banking group.
UBS AG and Sumitomo Mitsui Trust Holdings (SMTH) jointly announced the genesis of this ground-breaking wealth management alliance in June 2019. Soon thereafter, the two groups established a consultation and event organizing company to identify prospective new clients, and also began cross-selling each other’s products into their respective client bases.
Concurrently UBS and SMTH also worked hand-in-hand structuring and licensing UBS SuMi TRUST Wealth Management so it could deliver a uniquely broad and relevant portfolio of benefits to high net worth and ultra-high net worth clients in Japan.
The new company marries the Swiss insights and 150-year-plus traditions of UBS with the power, scale, and knowledge of Japan’s premier trust banking group. UBS SuMi TRUST Wealth Management is the first to bring Japan a full array of wealth management capabilities, on an equal scale with the world’s other private banking markets, in a truly holistic offering.
“We knew that with a powerful partner specialized in this unique trust banking market, we could multiply the success we have already achieved organically to date in Japan,” said Victor Chang, President and Representative Director of the new firm and head of UBS’s wealth management efforts in Japan to date. He added, “No other wealth manager in Japan boasts the same breadth and depth of our services, not to mention global reach. We are convinced that the legacy clients of UBS and SMTH, as well as an enormous market of untapped wealthy individuals, will place considerable value on this unique service portfolio.”
New company outline
New company outline
Name: UBS SuMi TRUST Wealth Management Co., Ltd.
Headquarters: Marunouchi Eiraku Building, 4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Business Offices: Nagoya, Osaka
Capital: JPY 5.1 billion (UBS Securities Japan Co., Ltd. 51%; Sumitomo Mitsui Trust Holdings, Inc. 49%)
President and Representative Director: Victor Chang
Directors of the Board
Responsibilities in major affiliates*
Former Head of Wealth Management, UBS Securities Japan
Head of Wealth Management Japan, UBS Group AG
Head of Wealth Management Japan, UBS AG Tokyo Branch
Deputy President and Representative Director
Former Senior Managing Executive Officer, SuMi TRUST Bank
Deputy Head of Wealth Management Japan, UBS AG Tokyo Branch
Director, Chairman, Sumitomo Mitsui Trust Club
President, Asia Pacific, UBS Group AG
Co-head, Asia Pacific Wealth Management, UBS Group AG
Japan Country Head, UBS Group AG
Managing Executive Officer, SMTH
Audit & Supervisory
Former Executive Officer, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Audit & Supervisory
Corporate Advisor, SuMi TRUST Bank
Advisor, Deloitte Touche Tohmatsu
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS' strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 31% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 20% in Asia Pacific. UBS Group AG employs over 68,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
In Japan, the firm offers corporate, institutional, and high net worth private clients a full array of financial products and services through six entities: UBS Japan Securities Co., Ltd., UBS AG Tokyo Branch, UBS SuMi TRUST Wealth Management Co., Ltd., UBS SuMi TRUST Wealth Advisory Co., Ltd., UBS Asset Management (Japan) Ltd., and UBS Japan Advisors Inc..