Barclays Wealth

Barclays Wealth enters joint venture with unparalleled access to the Japanese high net worth client base

1 July 2010 - Sumitomo Mitsui Banking Corporation ("SMBC"), a leading Japanese mega bank; Barclays Wealth, the global wealth management business of Barclays PLC ("Barclays"), and Nikko Cordial Securities Inc. ("Nikko"), a leading Japanese securities company, as well as a wholly-owned subsidiary of SMBC, today announce the signing of a Joint Venture Agreement ("JV") to provide wealth management services to high net worth individuals in Japan. 

The JV brings together the unique strengths and capabilities of the three financial institutions. It will be called 'SMBC Barclays Wealth Division' and will operate out of Nikko, leveraging the company's operational platform as well as related service support.

The services of the JV will be an ideal complement to SMBC's current corporate banking and consumer banking dedicated offerings. High net worth clients of SMBC who will be referred to the JV are expected to benefit from the product expertise of Barclays and Nikko, and the broad range of products and investment solutions made available to them through open architecture. 

In addition to the global private banking, research and product capabilities of Barclays Wealth, the JV also leverages the firm's expertise in the field of behavioural finance, where it has developed a highly innovative Investment Philosophy combining rigorous client profiling and advanced portfolio construction techniques to tailor the investment proposition for clients.

The JV is co-headed by Mr. Yukihide Sakai (seconded by Barclays), Mr. Hisatsugu Yoshida (seconded by SMBC) and Mr. 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. 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.

Mr. Didier von Daeniken, Chief Executive 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."

For further information contact:

Will Bowen, Barclays Wealth, Corporate Communications
+44 (0)20 7114 8434

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