JPMorgan intends to triple private banking
assets in Asia over the next five years, to tap into its
fastest-growing market.
The bank’s private banking chief executive,
Douglas Wurth, said the bank plans to generate about 50% of its
non-US business from Asia, up from 20%.
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JPMorgan will also expand its services to high
net worth individuals (HWNIs), or to people with investible assets
of $1m or more, from ultra high net worth individuals, or those
with at least $30m in assets.
A spokesperson told PBI that Wurth,
who moved to Hong Kong in February from New York, is “a proven
leader with a visionary acumen”.
“With him at the helm of our international
franchise, our private banking business is sure to skyrocket to
higher heights,” he said.
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By GlobalDataAsian HNW racing ahead
JPMorgan’s move to Asia-Pacific comes after
the number of millionaires in the Asia-Pacific region reached 3m in
2009, matching those in Europe for the first time,
according to a report by Merrill Lynch/Capgemini.
By the end of 2009, the wealth of Asia-Pacific
HNWIs totaled $9.7trn.
JPMorgan appointed Peter Flavel, formerly
Standard Chartered’s global head of private banking, in July to a
newly created role as Asia CEO of private wealth management,
focusing on individuals with more than $10m.
