Japanese brokerages are gearing up to offer more alternative assets to the nation’s wealthy, who are increasing in numbers even as the overall population falls.
Mizuho Securities Co. expects more sales this fiscal year after selling about 15 billion yen of funds focused on private assets in the year ended March 31, in its first 12-month period of making those offerings to wealthy individuals, according to Miho Migita, head of private placement fund development division.
UBS SuMi Trust Wealth Management Co., meanwhile, said it has seen private assets that it oversees more than double over the past three years in Japan, without specifying the amount. It started selling private credit products targeting its high-net-worth clients this year. “As listed securities face market volatility, it’s getting difficult to effectively diversify portfolios with listed assets, and more and more customers are looking for something different,” said Kaoru Fujita, managing director of private wealth solutions at Blackstone Inc. in Japan.
Wealthy Japanese households owned an unprecedented 364 trillion yen of financial assets that nearly doubled in the decade to 2021, according to data from Nomura Research Institute. It defines owning at least 100 million yen in financial assets as wealthy, and the number of households in that category jumped 84% over that period to a record 1.49 million.
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