UBS SuMi TRUST to integrate Credit Suisse Securities’ Wealth Management Business in Japan
UBS Securities and Sumitomo Mitsui Trust Holdings agreed on the acquisition and integration of Credit Suisse’s wealth management business in Japan by UBS SuMi TRUST Wealth Management, a securities firm specializing in wealth management jointly invested by UBS Securities and Sumitomo Mitsui Trust Holdings.
Upon the expected completion of the global merger between the parent companies UBS AG and Credit Suisse AG by the end of June 2024, UBS SuMi TRUST Wealth Management will inherit the client assets of CS Securities’ wealth management business in Japan. Additionally, client advisors and other employees from CS Securities’ wealth management division will join UBS SuMi TRUST Wealth Management as new members.
The capital structure of the integrated UBS SuMi TRUST Wealth Management will remain unchanged, with UBS Securities holding 51% and Sumitomo Mitsui Trust Holdings holding 49%. This reflects the positive outlook shared by both companies that the business will continue to grow through their unwavering alliance.
Based on the capital and business alliance for wealth management business in Japan, UBS Group headquartered in Switzerland and Sumitomo Mitsui Trust Group established UBS SuMi TRUST Wealth Management and commenced operations on August 10, 2021. Since then, the company has provided customers with the world-class wealth management services of UBS Group, a top brand in global wealth management, and a wide range of products and services such as inheritance, asset succession, and real estate offered by Sumitomo Mitsui Trust Bank, one of the largest domestic trust banks.
The business model of UBS SuMi TRUST Wealth Management in Japan has been highly evaluated internationally, and the company has recently been named “Japan’s Best International Private Bank” by Euromoney magazine.
Through the integration of CS Securities’ wealth management business in Japan, UBS SuMi TRUST Wealth Management will establish an unshakable position in the wealth management industry in Japan in terms of assets under management. To meet the diverse needs of customers, the company will provide optimal solutions that go beyond mere product offerings, leveraging the unique capabilities of “UBS SuMi TRUST” and promoting unparalleled high-quality wealth management services.
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