UBS, Sumitomo Mitsui to Start Japan Wealth Management Venture
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UBS Group AG and Sumitomo Mitsui Trust Holdings are set to announce a new joint-venture as they seek to boost market share among Japan’s wealthiest individuals.
UBS will own 51 percent of the joint-venture that will sell the products of both companies to high- and ultra-high net worth clients in the Asian nation, according to a document seen by Bloomberg News and confirmed by the bank. UBS will maintain board and day-to-day management control of the venture, which the two banks are set to announce publicly on Friday.