[Joint Press Release] UBS and Sumitomo Mitsui Trust Strengthen Wealth Alliance in Japan

Tokyo2024年 04月 08日 14:45Media JapanInvestor Releases

Acquisition of Credit Suisse wealth business widens Japan joint venture’s lead in invested assets among global competitors

April 8, 2024, TOKYO – 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 (CS)’s wealth management business in Japan.

Following the addition of CS client assets in Japan, the partners will rebalance their investments in the joint venture so that the original UBS 51% / SuMi TRUST Holdings 49% ownership structure is maintained.

UBS SuMi envisages that all of CS’s advisors as well as the wealth management assets they manage in Japan will be transferred to UBS SuMi, following the merger of UBS AG and Credit Suisse AG which, as previously announced, is expected to be completed by the end of June 2024.

The addition of Credit Suisse client accounts will further extend UBS SuMi’s leading position in invested assets among global wealth managers in Japan.

“This agreement is about more than growth. It’s a solid vote of confidence in our joint venture business model and the value we are adding with Credit Suisse talent and assets. It also underscores the belief both of our firms have in Japanese wealth management itself,” said Zenji Nakamura, UBS SuMi’s president, as well as UBS’s Japan Country Head.

Reflecting in part the quick inroads the joint venture has made in Japan, UBS SuMi was recently named ‘2024’s Best International Private Bank in Japan’ by Euromoney magazine.

About UBS

UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. With the acquisition of Credit Suisse, UBS manages 5.7 trillion dollars of invested assets as per fourth quarter 2023. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group 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 five business entities: UBS Japan Securities Co., Ltd., UBS AG Tokyo Branch, UBS SuMi TRUST Wealth Management Co., Ltd., UBS Asset Management (Japan) Ltd., and UBS Japan Advisors Inc.

About SuMi TRUST Holdings

SuMi TRUST Group is a leading trust bank group which boasts the largest and highest status in Japan and creates distinct values by leveraging a new business model, combining its banking, asset management and administration, and real estate businesses. Our asset under management is approx. 125 trillion yen, and assets under custody is approx. 273 trillion yen.
SuMi TRUST Group will celebrate its 100th anniversary this year, 2024.The founding aspiration based on the fiduciary spirit of trust, to contribute to the development of Japan by solving social issues through the "Power of Trust", has not and will not change over the years. SuMi TRUST Group will continue to generate new value in response to the needs of our clients and the demands of society, and pave the way for the next 100 years.
Through the sound development of capital markets, SuMi TRUST Group will create a flow that will return rewards to investors, including individual clients.

Media contacts

Japan Corporate Communications
Tel: 03-5208-6600
E-Mail: sh-ubs-japan-media-relations@ubs.com

SuMi TRUST Holdings
Public Relations Department
Tel: 03-6256-6302
E-Mail: Kohoa@smtb.jp