UBS JV to Acquire CS Japan Wealth Business

In the latest integration development, UBS will acquire Credit Suisse’s Japan wealth management business via a local joint venture.

UBS SuMi TRUST Wealth Management – a joint venture between UBS Securities Japan and Sumitomo Mitsui Trust Holdings – will acquire the wealth management business of Credit Suisse Securities (Japan), according to a statement.  

Wealth management assets as well as employees of the Credit Suisse unit, including client advisors, will be transferred to the joint venture.

AUM Boost

According to the statement, the integration of UBS SuMi TRUST Wealth Management with the Credit Suisse business will help the joint venture «establish a firm position in [the] wealth management industry in Japan in terms of assets under management». 

Following the integration, the capital structure of the venture will remain unchanged with UBS holding 51 percent and Sumitomo holding 49 percent. UBS SuMi TRUST Wealth Management first began operations in August 2021 as a capital and business alliance between the two firms.