Following Credit Suisse’s 2023 acquisition of its beleaguered rival, UBS (UBSG.S), which opens a new tab, announced on Monday that it will buy Credit Suisse’s wealth management business in Japan through a joint venture with SuMi TRUST Wealth Management Co. 

Management Assest Shit To UBS sumi

According to a statement released by UBS, the partners in the joint venture will reallocate their capital to preserve the original UBS 51%/SuMi TRUST Holdings 49% ownership structure after the addition of Credit Suisse customer assets in Japan.

After UBS and Credit Suisse merge, which is scheduled to occur in the near future, UBS SuMi anticipates that all of Credit Suisse’s advisors and the wealth management assets they oversee in Japan will be moved to UBS SuMi.