Barclays agrees Japanese joint venture

1st Jul 2010 07:13

Barclays has signed a joint venture agreement with Sumitomo Mitsui Banking Corporation (SMBC) and Nikko Cordial Securities, a wholly-owned subsidiary of SMBC, to provide wealth management services to high net worth individuals in Japan. The joint venture, which has been set up as 'SMBC Barclays Wealth Division' operating within Nikko, is co-headed by Yukihide Sakai (seconded by Barclays), Hisatsugu Yoshida (seconded by SMBC) and Kiyokazu Watanabe (from Nikko). They will be jointly responsible for the development and marketing of the private banking services and the growth strategy of the business. Barclays said no consideration is being paid and no assets are being transferred. Instead the lender is providing seconded employees and operational support. 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," he added.