J.P. Morgan will reportedly look to double the number of Singapore-based private bankers covering Chinese wealth.
The Singapore team currently covering wealthy Chinese – the latest addition to the business set up less than two years ago – contains 12 relationship managers, according to a «Bloomberg» report, with plans to double the figure over a two-year period.
The overall Singapore unit houses over 50 relationship managers and has traditionally covered local and Indonesian wealth.
Last week, the bank also announced plans to merge its global Indian segment with the Singapore segment, beginning next month.
China Demand
According to James Wey, newly appointed Southeast Asia head of private banking for J.P. Morgan, many large Chinese corporates are housing their international headquarters in Singapore, which comes with it the associated wealth – the bank’s target market.
«With that come a lot of senior people who have concentrated wealth holdings,» Wey said. «They look at how to build that in a smart way for generations to come.»
«Stable Hub»
Although Hong Kong has traditionally been a key center for Greater China offshore wealth, recent political developments have created increasing instability, which is in stark contrast to rival hub Singapore.
«Singapore is a natural hub for wealth management because of the very clear and investor-friendly regulation,» Wey said. «The wealthy, not just from China, but all over the world, view the country as a stable hub.»
Wey relocated to the city-state in August to take on the new role. Previously, he was based in Hong Kong where he was a market manager for Taiwan from 2018 after first joining J.P. Morgan in 2008. Previously, he was a management consultant with McKinsey & Co.
