SINGAPORE (June 7): Swiss private bank UBS has formed a joint venture with Japan’s Sumitomo Mitsui Trust Holdings, Inc (SuMi Trust Holdings) to form the first-ever wealth management partnership developed between an international financial group and a Japanese trust bank.

The joint venture will open UBS's current wealth management customer base to a full range of Japanese real estate and trust services.

SuMi Trust Holdings' clients will be able to access UBS's leading wealth management services, including securities trading, research, and advisory capabilities.

As of end March 2018, SuMi Trust held 285 trillion yen ($3.59 trillion) in assets under custody.

"Japan is important for UBS and this alliance underscores our commitment to the market,” says Edmund Koh, UBS President Asia Pacific.

“Japan is the second largest high-net worth market in the world and the third largest economy globally, and this partnership turbo-charges our ability to expand here,” he adds.

Subject to receiving all necessary regulatory approvals, the two companies plan to begin offering each other's products and services to their respective current and future clients from the end of the year.

Also subject to approvals, these activities will ultimately be incorporated into a new co-branded joint venture company by early 2021.