JP Morgan has doubled its staff numbers in its Singapore office and rebalanced the headcount between its Hong Kong and Singapore units in the past three years, reported Asian Investor.
The increase in staff numbers at JP Morgan is part of the plan to focus on building up its Singapore presence similarly to Hong Kong.
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In 2009, approximately 80% of the JP Morgan’s Asia staff members were concentrated in Hong Kong, with the remainder in Singapore. However, that ratio is more like to be 60%-40% now and is expected to hit 50%-50% balance in the next couple of years, said Peter Flavel, chief executive of private wealth management for JP Morgan Asia.
Moreover, the total Asia ex-Japan headcount has, reportedly, doubled between 2009 and 2012 as well, but no figures were quoted.
The private wealth market in Hong Kong is around the same size as Singapore, and is expanding at approximately the same pace. But the drivers of their growth are different, with Hong Kong’s main advantage being its proximity to Chinese clients, while Singapore’sclientele comprising of non-resident Indian and Indonesian clients, as well as those from other South Asian countries.
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