The alliance was first announced in 2019. Reportedly, they have started offering their services in Tokyo, Osaka and Nagoya. The wealth management firm will offer a range of services including inheritance, wealth transfer and real estate brokerage.

Victor Chang, UBS SuMi TRUST Wealth Management’s president as well as the Japan head of wealth management told the media, “We knew that with a powerful partner specialised in this unique trust banking market, we could multiply the success we have already achieved organically. No other wealth manager in Japan boasts the same breadth and depth of our services, not to mention global reach.”

Earlier this month, UBS Group was fined $11.55 million by the Hong Kong Securities and Futures Commission (SFC) for regulatory breaches. The SFC has fined UBS AG and UBS Securities Asia $9.8 million and $1.75 million respectively.

UBS is being fined for its failure to disclose its financial interests in some Hong Kong-listed companies covered in its research reports.

According to the SFC, the errors were caused by multiple data feed logic errors in a legacy data source used by UBS for tracking its shareholding positions.

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Goldman Sachs has already begun to hire private bankers to manage assets worth $9 billion. It is reported that clients will have to invest at least 1 billion yen in the bank.

Japan has the third-largest number of millennials after the US and China, based on Credit Suisse’s 2019 Global Wealth Report. The bank’s targeted clients will largely be part of portfolio management firms.

Several upscale foreign banks including HSBC and Citi have withdrawn business from the Japanese market earlier. Even UBS has agreed to merge its Japanese wealth operation into a majority-owned joint venture with Sumitomo Mitsui in 2021, the media reported. The Japanese market serving affluent customers is considered tough to crack over the years.

However, Credit Suisse is reported to have established a strong asset management base in Japan, while Nomura Bank is focused on retail investment.

Currently, Japan holds a 1 percent market share in the overall wealth business but has risen to 7 percent in the ultra-wealthy market. In 2018, Goldman Sachs was ranked ninth among wealth managers in Asia excluding China, according to Asian Private Banker.

Goldman Sachs is strengthening its focus on wealth management and consumer banking to diversify its revenue away from trading, the media reported. The move is initiated under the leadership of Goldman Sachs CEO David Solomon.

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