Barclays Wealth, Sumitomo Mitsui Banking Corporation (SMBC), and Nikko Cordial Securities, a wholly-owned subsidiary of SMBC, have signed a joint venture (JV) agreement to provide wealth management services to high net worth individuals in Japan.
The JV is called ‘SMBC Barclays Wealth Division’ and will operate out of Nikko, leveraging the company’s operational platform as well as related service support.
The JV is co-headed by Yukihide Sakai (seconded by Barclays), Hisatsugu Yoshida (seconded by SMBC) and Kiyokazu Watanabe (from Nikko). The three JV heads will be jointly responsible for the development and marketing of private banking services of the JV, and the growth strategy of the business.
The JV is staffed by professionals from Barclays, SMBC and Nikko across a wide range of roles in sales marketing, investment services, product development, as well as infrastructure and operational support.
According to Barclays, initially, the JV will concentrate on the provision of private banking services for high net worth individuals in Osaka, Tokyo and Yokohama, with gradual implementation in other areas.
Didier von Daeniken, CEO of Barclays Wealth Asia Pacific, said: “In SMBC, we are delighted to have a partner with the local distribution network which gives the JV unparalleled access to the Japanese high net worth client base.
“Coupled with the intellectual capital and investment expertise of Barclays Wealth and the platform excellence of Nikko, I am confident that the JV will be able to provide comprehensive advice and a broad range of investment solutions tailored to the complex needs of SMBC’s high net worth clients.”