UBS partnership to purchase Credit Suisse Japan wealth management arm

12 Apr, 2024

UBS partnership to purchase Credit Suisse Japan wealth management arm

On Monday, UBS announced its Japanese wealth management joint venture with SuMi TRUST Wealth Management Co, revealing plans to acquire Credit Suisse's wealth management business in Japan. This acquisition follows Credit Suisse's absorption of its stricken rival in 2023.

Upon the addition of Credit Suisse client assets in Japan, the partners intend to rebalance their investments in the joint venture, ensuring the original ownership structure of UBS holding 51% and SuMi TRUST Holdings holding 49% is maintained, as stated in a UBS press release.

UBS SuMi anticipates the transfer of all of Credit Suisse's advisors and the wealth management assets they oversee in Japan following the merger of UBS and Credit Suisse. The merger is scheduled to be finalized by the end of June.

This strategic move signifies a significant development in the Japanese wealth management sector, with UBS and SuMi TRUST poised to enhance their market presence and strengthen their offerings in the region. Clients of both UBS and Credit Suisse can expect a seamless transition, with continued high-quality service and expertise in wealth management.