By Helena Smolak


UBS's Japanese joint venture with Sumitomo Mitsui Trust Wealth Management is set to acquire Credit Suisse's wealth management business in Japan.

The Swiss lender said Monday that the partners will rebalance their investments in the joint venture so that the original UBS 51% and SuMi Trust Holdings 49% ownership structure is maintained, after it gained additional Credit Suisse client assets in Japan following UBS's merger with Credit Suisse.

The agreement "also underscores the belief both of our firms have in Japanese wealth management itself," said Zenji Nakamura, UBS SuMi's president, as well as UBS's Japan Country Head.


Write to Helena Smolak at helena.smolak@wsj.com


(END) Dow Jones Newswires

04-08-24 0414ET