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January 11, 2022

JPMorgan plans additional hiring to Asia private banking team

By Verdict Staff

JPMorgan Chase & Co is reportedly planning to add more resources to its private banking business in Asia, joining a raft of other banks seeking to take advantage of the evolving wealth in the region.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The bank is planning to raise its employee headcount in the region by over 100 this year, Reuters reported, citing two people with direct knowledge of the matter.

About a fifth of the new resources will be hired to focus on mainland China clients, divulged the sources.

Last year, JPMorgan recruited 42 new employees in Hong Kong to serve mainland clients as part of its strategy to expand in Asia.

According to a source, the bank had 80 employees focused on mainland China, which is considered to be one of the rapidly evolving markets globally.

The source also revealed that JPMorgan is targeting ultra-high-net-worth (UHNW) individuals in the new economy segments, including biotech, tech, and electric vehicles.

JPMorgan’s private banking business is eyeing individuals with at least $25m in investable assets, the sources added.

A spokesperson for JPMorgan did not comment on the news.

Asia moves by other firms

Last month, Bloomberg reported that British banking major Barclays is planning to add new roles in its investment banking and wealth management business across Asia in 2022.

The move is said to be part of the bank’s strategy to build its footprint in key markets in the region, including China, India, Singapore, and Australia.

In November last year, VP Wealth Management (Hong Kong) set up a new office in Hong Kong to tap the evolving wealth in the Asian countries.

The same month, Swiss banking giant UBS established its largest office in the Asia Pacific region in Singapore.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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