JPMorgan, 7th among private banks in Asia excluding onshore China, has plans to double its private bankers to serve Chinese clients from Singapore over the next two years. This shows of JPMorgan’s ambition to tap growth from Asia’s second-largest wealth market, seeing a need for insightful wealth management advice since wealth creation in China has been rapid.
James Wey, the new head of Southeast Asia private banking, said that Singapore has clear and investor-friendly regulation that made itself a natural hub for wealth management. The affluent from all over the world sees Singapore as a stable hub as well. James also announced plans to merge the team for the Indian diaspora with those handling Singapore residents.
While JPMorgan will expand all its Singapore teams, the growth rate for the China group will be faster as it is the smallest and was only set up less than two years ago. Regarding their target clients, James answered that with more large Chinese companies relocating to Singapore for their international headquarters, there comes more high-ranking associate with concentrated wealth holdings, many of whom focuses on building the wealth strategically.
Tencent Holdings Ltd., Alibaba Group Holding Ltd. and ByteDance Ltd. are some of the major Chinese firms building up in Singapore. JPMorgan’s accounting numbers also allow the bank to grow its relationship with clients via lending as well as providing other market activities. James also added that the bank was starting a trust entity in Singapore last year.