JPMorgan Doubling Singapore Private Bankers to Serve Wealthy Chinese
(02 December 2020 – Singapore) JPMorgan is looking to double the number of private bankers serving wealthy Chinese clients from Singapore over the next two years as part of its plan to tap into Asia’s second-largest wealth market.
The Singapore team currently covering wealthy Chinese – the latest addition to the business set up less than two years ago – contains more than 12 relationship managers. The overall Singapore unit houses over 50 relationship managers and has traditionally covered local and Indonesian wealth.
Last week, the Bank announced plans to merge the team serving the Indian diaspora with those handling Singapore residents, beginning 1 December 2020.
“With rapid wealth creation in China, there is a need for insightful advice around how to manage the new-found wealth,” said newly appointed JPMorgan head of Southeast Asia private banking James Wey.
“Singapore is a natural hub for wealth management because of the very clear and investor-friendly regulation,” Wey said. “The wealthy, not just from China, but all over the world, view the country as a stable hub.”
East and Partner’s latest research reveals that investment activities in the region are increasingly becoming more international in scope and these high-net-worth individuals are facing constraints around risk, knowledge and support of their portfolios.
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