JPMorgan Chase has reportedly decided to almost double the number of private bankers in Singapore over the next two years, who serve rich Chinese clients.
The US banking giant currently employs over a dozen relationship managers catering to the needs of Chinese residents and those on the mainland from the city-state, JPMorgan Chase head of Southeast Asia private banking James Wey told Bloomberg News in an interview.
He was quoted as saying: “With rapid wealth creation in China, there is a need for insightful advice around how to manage the new-found wealth.”
Singapore is said to be 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.
Wey was quoted as saying: “Singapore is a natural hub for wealth management because of the very clear and investor-friendly regulation. The wealthy, not just from China, but all over the world, view the country as a stable hub.”
He said that the China team is the new addition to JPMorgan Private Bank in Singapore, where it rivals Credit Suisse and Morgan Stanley in attracting billionaire Chinese entrepreneurs.
The bank, which has over 50 relationship managers, was traditionally focused on serving local clients and those in Indonesia.
Last year, JPMorgan established a trust company in Singapore to meet the wealth succession planning needs of its private bank customers.
Earlier this month, JPMorgan raised its stake in its China securities joint venture (JV) to 71% from 51%, thereby becoming the foreign bank with the highest ownership interest in such a venture.
The bank raised the ownership by acquiring a 20% holding from Shanghai Waigaoqiao FTZ for CNY177.7m ($26.6m).