Sumitomo Mitsui Trust Club and PrivateBANK Join Forces for Ultra-Wealthy Concierge Services

Sumitomo Mitsui Trust Club & PrivateBANK Partnership

On July 18, 2025, Sumitomo Mitsui Trust Club (President: Koji Igarashi) and PrivateBANK (CEO: Takayuki Sato), a firm that focuses on family office services for ultra-wealthy individuals with assets exceeding 10 billion yen, announced a strategic collaboration in the form of a basic agreement to develop a premium concierge service. This partnership marks a pivotal moment for both companies as they aim to address the diverse and evolving needs of the ultra-wealthy market.

Background and Purpose

As the affluent market continues to expand, the demand for comprehensive high-quality lifestyle support services is increasing. In 2023, it was reported that households with financial assets exceeding 500 million yen surpassed 118,000 in Japan, growing at an average annual rate of around 5%. Recognizing this trend, both Sumitomo Mitsui Trust Club and PrivateBANK have joined forces to leverage their accumulated expertise and operational know-how to develop a unified platform: the “Premium Concierge Service.” This service aims to integrate asset management with various everyday requests and arrangements into a single, cohesive experience. Future plans could also see the platform expanded to other wealth service providers.

Previous Expertise

Sumitomo Mitsui Trust Club has been issuing the exclusive Diners Club Premium Card since January 2002, offering round-the-clock concierge services. Their track record spans over 23 years, providing unique experiences tailored to individual members’ needs, including exclusive restaurant reservations and event arrangements. On the other hand, PrivateBANK specializes in offering tailor-made family office services for ultra-high-net-worth families, addressing both financial and non-financial areas, such as asset succession and family governance, ensuring a high level of confidentiality and personalization. This unique approach emphasizes life quality enhancement, positioning them as trusted partners for their clients.

Comments from Leadership

In their remarks, President Koji Igarashi expressed excitement about the collaboration, noting that Sumitomo Mitsui Trust Club is celebrating its 65th anniversary in December 2023. He reinforced their commitment to enriching the lives of affluent members through enhanced concierge services in partnership with PrivateBANK. Meanwhile, CEO Takayuki Sato emphasized the evolving values and lifestyles of the affluent and articulated the mission of their family office as providing tailored, discreet support that transcends mere asset management. He views this partnership as a major step towards creating an unprecedented integrated service offering.

D Luxurex: A Preceding Service

Prior to the aforementioned agreement, both companies have initiated a membership-based travel concierge service called “D Luxurex,” targeted at holders of Diners Club Premium Cards and above. Launched in April 2023 and revamped in July, this service focuses on creating bespoke travel experiences that fulfill the dreams of its members. The recent upgrade has introduced additional services like asset management advice, housekeeping, and high-quality relaxation spaces in Tokyo and Osaka, further enhancing its exclusivity. This service will eventually be integrated into the broader Premium Concierge business.