UBS Group's (UBS) JV to Buy CS' Japanese Wealth Management Unit

UBS Group AG (UBS) has announced that its joint venture (JV) with SuMi TRUST Wealth Management Co, (“SuMi”) is set to acquire Credit Suisse's (“CS”) wealth management business in Japan, per Reuters.Per the deal, after the addition of CS’ client assets, UBS Group and SuMi will realign their investments to continue the initial ownership arrangement with UBS retaining 51% and SuMi maintaining 49% ownership in the venture. This JV between UBS and SuMi was launched in August 2021.CS’ advisors and the wealth mana ...