JP Morgan appoints Peter Flavel
(19 July 2010 – Asia) JP Morgan has announced Peter Flavel will be joining the investment bank as chief executive of Asian wealth located in Hong Kong.
Mr Flavel resigned abruptly a fortnight ago as the chief executive of Standard Chartered’s private banking operation based in Singapore.
The resignation came as a shock to many in the industry due to the profound success Mr Favel had enjoyed in building up the European institution’s private banking operations in Asia Pacific.
Mr Flavel will be reporting to Douglas Wurth, CEO of JP Morgan’s International Private Bank as the group plans to expand its private banking focus from ultra-high net worth families, US$50 million (A$56.8 million), to high net worth families, US$3 million – US$50 million.
The US bank also has plans to expand its operations into China, India and Australia.
The resignation came as a shock to many in the industry due to the profound success Mr Favel had enjoyed in building up the European institution’s private banking operations in Asia Pacific.
Mr Flavel will be reporting to Douglas Wurth, CEO of JP Morgan’s International Private Bank as the group plans to expand its private banking focus from ultra-high net worth families, US$50 million (A$56.8 million), to high net worth families, US$3 million – US$50 million.
The US bank also has plans to expand its operations into China, India and Australia.
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