MUFG wealth management arm deploys InvestCloud in Japan
InvestCloud has deployed its wealth management platform at Mitsubishi UFJ Morgan Stanley Securities (MUMSS).
MUMSS is the wealth management, global markets and investment banking arm of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank and the world’s fourth largest bank by total assets.
The new platform will be used to expand MUMSS client base of Japanese high-net-worth individuals.
InvestCloud says its service platform will enable financial advisors to “enhance digitalisation in their client relationship processes”.
The vendor says this new deal is the result of “substantial investment” in its Japanese operations in recent times.
InvestCloud has also expanded its Tokyo office, moving to larger premises and adding to its local team.
“We are enormously proud and excited to be working with MUMSS,” says Christine Ciriani, CEO of private banking at the firm.
“Japanese high-net-worth sector customers place tremendous value in their relationships with their service provider. We have made significant investment in our technology and workforce in Japan so that local wealth managers can meet and exceed these expectations.”
InvestCloud country manager for Japan, Haruka Homma, says the country’s wealth sector is undergoing a “long-awaited transition”.
Japan’s affluent segment consists of more than 1.3 million households, according to Nomura research.
“A large number of high-net-worth customers have been waiting for advisors who are able to provide more customer-centric advice,” says Homma.