JPMorgan, ranked seventh among private banks in Asia excluding onshore China, competes with Credit Suisse Group AG and Morgan Stanley in attracting Chinese entrepreneurs who become billionaires after listing their companies’ stocks.
JPMorgan Chase & Co. plans to double the number of private bankers serving Chinese clients from Singapore over the next two years, signaling its ambition to tap growth from Asia’s second-largest wealth market.
The US bank currently has more than a dozen relationship managers serving Chinese residents and those on the mainland from the city-state, said James Wey, the new head of Southeast Asia private banking. “With rapid wealth creation in China, there is a need for insightful advice around how to manage the new-found wealth,” he said in an interview.
