On Monday, UBS announced that its Japanese wealth management joint venture with SuMi TRUST Wealth Management Co. will be acquiring Credit Suisse’s wealth management business in Japan. This move comes after Credit Suisse absorbed its struggling rival in 2023.
UBS and SuMi TRUST will adjust their investments in the joint venture to maintain the original ownership structure of UBS holding 51% and SuMi TRUST holding 49%. All of Credit Suisse’s advisors and the wealth management assets they oversee in Japan are expected to be transferred to UBS SuMi following the merger of UBS and Credit Suisse, which is set to be finalized by the end of June.
This acquisition strengthens UBS SuMi’s presence in the Japanese wealth management market and solidifies its position as a leading wealth management provider in the region. The partnership between UBS and SuMi TRUST is committed to providing exceptional financial services to clients in Japan, leveraging their combined expertise and resources to deliver tailored solutions for their wealth management needs.
