JP Morgan Private Bank has named Elaine Zhang as its new China market leader for Singapore.
Zhang, who will join the company as a managing director, is expected to assume the new role in this August, Business Times reported.
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She will report to JPMorgan Private Bank Singapore and South-east Asia head James Wey.
Zhang has over 20 years of experience in the private banking space. This includes servicing UHNW Chinese clients and leading teams of China market relationship managers.
She joins JP Morgan from Credit Suisse, where she served as a market leader for Greater China in Singapore.
Prior to that, she worked at American Express Private Banking, DBS, and Bank of China.
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By GlobalDataAccording to Wey, China market is very important to JPMorgan.
The company offers offshore private banking services to meet the growing demand from Chinese clients who have business or personal interests in Singapore.
Commenting on the new appointment, Wey added: “Elaine’s long-standing wealth management expertise, passion for client service and deep connections across the China market in Singapore make her ideally positioned to help us continue to grow our business and best serve our clients.”
In November last year, reports suggested that JP Morgan is planning to almost double the number of private bankers in Singapore over the next two years, to serve rich Chinese clients.
Singapore is considered one of the top destinations selected by affluent individuals to invest funds, purchase property and establish family offices.
Although the bank maintains a sizable team of wealth managers in Hong Kong, Singapore is the only Asian centre where clients can book assets.
The China team is said to among the latest additions to JPMorgan Private Bank in Singapore.
In February this year, JPMorgan named Martin Marron as the new CEO of its International Private Bank (IPB), replacing Alejandro Nicolas Aguzin.
