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.

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.

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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.