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UBS and Sumitomo Mitsui Trust Holdings launch a wealth management venture in Japan

Publish date: 14 September 2021
UBS SuMi TRUST Wealth Management announced that it launched operations in Tokyo, Osaka, and Nagoya. 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.”