Barclays embarks on Japanese wealth management JV
by Gill Montia
Barclays has signed a joint venture agreement with Sumitomo Mitsui Banking Corporation (SMBC) and its wholly owned subsidiary, Nikko Cordial Securities, to provide wealth management services to high net worth individuals in Japan.
The deal will see the creation of SMBC Barclays Wealth Division, which will be co-headed by Yukihide Sakai, Hisatsugu Yoshida and Kiyokazu Watanabe, who will be jointly responsible for the development and marketing of services.
Initially, the business will focus on clients in Osaka, Tokyo and Yokohama, with gradual expansion to other areas.
Chief executive Barclays Wealth, Asia Pacific, Didier von Daeniken, says: “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.”