SMBC, Barclays and Nikko join forces to serve Japan's wealthy

Japanese megabank Sumitomo Mitsui Banking Corporation (SMBC), Barclays Wealth, and securities company Nikko Cordial Securities (which is a wholly owned subsidiary of SMBC) have signed a joint venture agreement to provide wealth management services to high-net-worth individuals in Japan.  The JV will be called SMBC Barclays Wealth Division and will operate out of Nikko, leveraging the company's operational platform as well as its related service support. The thinking behind the JV is…