J.P. Morgan has launched J.P. Morgan Trust Company (Singapore) to better support its private bank clients and families, as clients have expressed interest in working outside of The Bahamas.
J.P. Morgan Trust Company Singapore (JPMTC SG) will support the bank's private banking clients and their families in administering their wealth and planning for succession, the bank announced on Thursday. It will be led by Ethan Chue, reporting to Martin Pollock, Head of International Trusts & Estates.
«With the establishment of JPMTC SG, we will be in a better position to support clients who have complex wealth planning needs and serve a wider range of clients in one of the fastest, wealth-generating hubs in the world,» said Chief Executive Officer for J.P. Morgan Private Bank in Asia Kam Shing Kwang, at a media event on Thursday.
Presence in Asia
«By having a presence in Asia, we can service our clients and their families in the region more efficiently, and be more proactive in working with them to anticipate changes and plan for succession to future generations. It is important to address business and family needs in conversation, to get the structures right, and to work with a professional in order to get unbiased views,» said Chue, head of J.P. Morgan Trust Company (Singapore).
Joining Chue are four trust officers and a dedicated Trust Compliance officer. The team will be based in Singapore and supported by functions within the bank in Asia, the U.S., and Europe, as well as trust company colleagues in The Bahamas. JPMTC SG will continue to look to build its team and operations in Asia and the Middle East.
Shorter History in Asia
The history of wealth and business succession in Asia is comparatively short as many family businesses are still managed by the first generation. Despite this short history, families in the region have expanded their geographical footprints in terms of investments and planning, and some may have family members who reside in multiple jurisdictions.
«Succession is a long and complex process. Although families realize the importance of adopting a holistic approach to planning, we always encourage clients to start the conversation early,» said Rahul Malhotra, Head of Southeast Asia.
