Nomura will invest 7 million francs (US$7 million) in the unit, which will be called Julius Baer Nomura Wealth Management once the deal has been completed. As part of the agreement, Julius Baer will offer discretionary mandates to Nomura’s ultra-rich Japanese clients.

“The strategic partnership with Japan’s premier securities firm represents a major milestone in our business strategy for Japan,” Julius Baer Chief Executive Officer Bernhard Hodler said in a statement Thursday. By working with Nomura, “we can best share our internationally diversified offering with a new audience and maximize the value of our presence in Japan,” he said.

Julius Baer has been growing its business in recent years through a hiring spree, acquisitions and partnerships. The bank formed a partnership with Siam Commercial Bank Pcl in Thailand earlier this year.