Sumitomo Trust and SBI Holdings have entered into a joint venture designed to the target wealth management business in Japan, among other ar...

Sumitomo Trust and SBI Holdings have entered into a joint venture designed to the target wealth management business in Japan, among other areas. Among the tie-up measures announced on Tuesday, E*Trade Securities, the online brokerage arm of SBI Holdings in Japan, will act as a banking agent for Sumitomo Trust. In return, Sumitomo Trust will act as a brokerage agent for E*Trade. Sumitomo Trust and SBI's group companies will also tie up in housing loan and private banking services, while jointly developing and marketing investment trusts and real estate. The two institutions will seek to form more alliances where possible, they said in a statement.