Launching a family office business^*2 to support asset management and building for ultra-high-net-worth individuals^*1

Money Forward, Inc. and PrivateBANK Co., Ltd. have established a joint venture company, Money Forward PrivateBANK, Inc. (hereinafter referred to as “Money Forward PrivateBANK”) on Monday, February 26, 2024. The company has launched a family office business to support efficient asset management and building for ultra-high-net-worth individuals.

*1: In this press release, the term “ultra-high-net-worth individuals” is used to refer to those with assets of 500 million yen or more, based on the announcement from Nomura Research Institute, Ltd. (Japanese only)
*2: In this press release, the term “family office” refers to an exclusive organization that manages and maintains assets for multiple family groups.

■ About the joint venture company’s business
Money Forward PrivateBANK will launch a user-oriented family office business primarily for ultra-high-net-worth individuals with total assets of 1 billion yen or more, supporting their asset management and asset building, as well as providing various concierge functions. The service users will be able to receive personalized consultation services on asset management and building. The concierge functions will provide users with consultations on financial matters, such as gifts and inheritance, as well as non-financial matters, such as business succession, social contributions, donations, health, education, and studying abroad, based on their needs.

■ Background of the establishment of the joint venture company
Money Forward has been providing our services while committing to our mission, “Money Forward. Move your life forward,” and our vision, “Becoming the financial platform for all.” We aim to realize a world where many people’s lives are enriched by empathizing with each of their unique financial worries, concerns, and challenges and by continuously providing solutions. In addition, PrivateBANK has been developing a family office business that is thoroughly customer-oriented, with its mission of “Providing ‘genuine’ consulting services for the wealthy in Japan.” Although PrivateBANK has been targeting those with financial assets of 10 billion yen or more, we aim to foster a family office culture in Japan by offering our services to a broader range of ultra-high-net-worth individuals.

Looking outside of Japan, family offices exist as partners to help solve the challenges faced by ultra-high-net-worth individuals. However, most family offices only operate for a limited number of people with total assets of 10 billion yen or more. In Japan, there are only a few family offices, and they are not widely recognized. In addition, the number of households in Japan with net financial assets^*3 of 500 million yen or more is on the rise, and it has been reported that there are 90,000 such households^*4 as of 2021. The two companies conducted a series of interviews with people who fall into this category of households, and through the interviews, they discovered that the respondents have unique financial worries and challenges, such as “I don’t know how to review my asset portfolio, including stock investments and real estate,” “I can’t afford the time to manage the balance sheet and cash flow of all my assets,” and “I can’t find the right person to consult with regarding my financial issues.”
Based on the aspirations of these two companies, the social background, and the challenges they found, Money Forward PrivateBANK was established with the aim of creating a world where family offices are more accessible and a viable option for solving the problems of ultra-high-net-worth individuals.

*3: The term “net financial assets” refers to the total amount of financial assets held by a household, including deposits, savings, stocks, bonds, and investment trusts, minus liabilities such as borrowings associated with the purchase of real estate. (Source: “NRI estimates that there are 1.49 million affluent households in Japan and their total net financial assets are 364 trillion yen” published by Nomura Research Institute, Ltd. on March 1, 2023. (Japanese only))
*4: Source: From Table 1 of the article “NRI estimates that there are 1.49 million affluent households in Japan and their total net financial assets are 364 trillion yen” published by Nomura Research Institute, Ltd. on March 1, 2023. (Japanese only)

■ Comments from representatives of both companies

Takayuki Sato, Representative Director, PrivateBANK Co., Ltd.
/ President and Representative Director, Money Forward PrivateBANK, Inc. (Right)
PrivateBANK family office services are fully customized, highly individualized and confidential in nature, and closely guarded secret. However, we believe that in order to promote the utilization of personal financial assets, which is an important issue in Japan, it is necessary to provide a new option for asset management to many ultra-high-net-worth individuals through our family office. We also believe that by combining the services we have developed with Money Forward’s expertise in money visualization, more people will be able to use our service. We believe that our diligent service to ultra-high-net-worth clients has made our offering unparalleled. We are confident that we can achieve even more and will strive to create a new financial infrastructure platform for them through this joint venture company.

Yosuke Tsuji, Representative Director, President and CEO, Money Forward, Inc.
/ Vice President and Representative Director, Money Forward PrivateBANK, Inc. (Left)
Money Forward has been offering a range of services with money as its central theme, serving as a supporter to help move each individual’s life forward. Together with PrivateBANK, a company with extensive experience in solving problems for ultra-high-net-worth individuals, we have decided to take on the challenge of launching a family office business to offer user-oriented services primarily for individuals with total assets of 1 billion yen or more. We will strive together with PrivateBANK to usher in a new era of family offices to offer even better services and solutions for financial challenges by leveraging the technology and expertise in money visualization that Money Forward has cultivated.

■ Joint venture company profile
Name: Money Forward PrivateBANK, Inc.
Location: 3-1-21 Shibaura, Minato-ku, Tokyo
Representatives: Takayuki Sato, President and Representative Director, Yosuke Tsuji, Vice President and Representative Director
Establishment: February 26, 2024
Capital: 100 million yen (including 50 million yen in capital reserve)
Shareholders: Money Forward, Inc. (51%) and PrivateBANK Co., Ltd. (49%)
Business: Family office business
URL: https://moneyforwardprivatebank.com/

■ About PrivateBANK Co., Ltd.
Name: PrivateBANK Co., Ltd.
Location: 4F Midtown East, 9-7-2 Akasaka, Minato-ku, Tokyo
Representative: Takayuki Sato, President and Representative Director
Establishment: March 2014
Business: Family office business, real estate asset management business, angel investor support business
URL: https://privatebank.co.jp/about/

■ About Money Forward, Inc.
Name: Money Forward, Inc.
Registration No.: Financial Service Intermediary, Director-General of the Kanto Local Finance Bureau No. 10
Member Association: Japan Financial Service Intermediary Business Association
Location: 21F Tamachi Station Tower S, 3-1-21 Shibaura, Minato-ku, Tokyo 108-0023
Representative: Yosuke Tsuji, Representative Director, President and CEO
Establishment: May 2012
Business: Development and provision of PFM services and cloud services
URL: https://corp.moneyforward.com/
Main Services:
“Money Forward ME”, a service to visualize personal finance https://moneyforward.com/
“Money Forward Cloud”, SaaS platform for back-office operations https://biz.moneyforward.com/

*All company names and product/service names (including logos) are trademarks or registered trademarks of their respective owners.

For further information, please contact
Public Relations: pr@moneyforward.co.jp