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January 30, 2019

JPMorgan wealth management head departs

JPMorgan CEO of wealth management client business Barry Sommers has stepped down from his post.

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  • 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.
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Sommers will now “pursue interests outside of the corporate sphere”, the bank said in an internal memo.

Sommers joined JPMorgan in 2008 after its takeover of Bear Stearns. He was in charge of the firm’s private banking and brokerage divisions.

He is expected to stay at the firm for the coming several months to support the transition process.

JPMorgan has now appointed Nicolas Aguzin as CEO of the group’s international private bank.

Aguzin currently serves as the head of banking for the Asia-Pacific region at JPMorgan.

“Nicolas is uniquely qualified for his new role, bringing a wealth of international experience — having managed our banking franchise across APAC, and prior to that, acting as CEO of JP Morgan in Latin America,” a bank spokesman said.

Further, David Frame has been appointed as the CEO of the firm’s US wealth management business.

Frame currently serves as the firm’s global head of client advice and strategy. In the new role, he will manage US Private Bank and JP Morgan Securities.

The latest management changes come shortly after the resignation of JPMorgan US private bank CEO Kelly Coffey.

Coffey has now been appointed as the CEO of City National Bank.

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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