UBS agreed to launch a comprehensive strategic wealth management partnership in Japan with Sumitomo Mitsui Trust Holdings. The new joint venture will combine UBS's global capabilities in wealth management, meeting the needs of wealthy individuals, with SuMi Trust Holdings' stature as Japan's largest, independent trust bank. Financial terms were not disclosed. The two companies have agreed to establish a joint venture, 51% owned by UBS, that will offer products, investment advice, and services beyond what either UBS Global Wealth Management or SuMi Trust Holdings are currently able to deliver on its own. Sergio P. Ermotti, UBS Group Chief Executive Officer, said: "UBS has over 50 years of history in Japan, and this landmark transaction with a top-level local partner will ideally complement our service and product offering to the benefit of clients."