UBS will own 51% of the joint venture that will sell the products of both companies to high- and ultra-high net worth clients in the Asian nation.
BlackRock and Wellington Management are among the company’s top shareholders.
Asia is now home to 27% of the world’s 500 richest people, second only to North America.
The two sides are said to disagree on the price and size of the stake and how much management control would be handed to Masayoshi Son.
IPOs & Markets
Swissport Group, in a statement Tuesday, said it will defer the IPO “due to current market conditions.” The plan for an IPO was announced in late
A deal would see Japan’s third richest-man follow other business titans such as Warren Buffett in seeking to profit from the cash flows provided by
At the current pace, Asia would overtake the US as the world’s largest concentration of wealth in four years.
"We believe existing currencies may move into becoming more of a crypto-currency,” Ermotti said.
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