Sumitomo Mitsui Trust to Team with UBS in Wealth Biz
Tokyo, June 7 (Jiji Press)--Japan's Sumitomo Mitsui Trust Holdings Inc. <8309> said Friday that it will team up with UBS AG in wealth management business.
The holding company hopes to combine the knowhow of its key subsidiary, Sumitomo Mitsui Trust Bank, with that of the Swiss financial giant.
UBS Securities Japan Co., a Tokyo-based unit of UBS, will separate its wealth management operations for wealthy individuals to create a new securities company as early as 2021.
Sumitomo Mitsui Trust Holdings will acquire a 49 pct equity stake in the new company.
Before the share acquisition, UBS Securities Japan and Sumitomo Mitsui Trust Holdings hope to establish a fifty-fifty joint venture to provide consultation and seminar services for wealthy people by the end of 2019.
[Copyright The Jiji Press, Ltd.]