JPMorgan launches Trust Company in Singapore
JP Morgan has announced that it will be launching a trust company in Singapore to support high net worth and ultra-high net worth private banking clients and their family in the administration of their wealth and succession planning needs.
The opening of the Singaporean trust company comes as an attempt to tap into the growing number of wealthy families in the Asia region, which sees the creation of more billionaires than anywhere else in the world, with a predicted 27% increase, according to a report by the Straits Times.
The CEO of JP Morgan Private Bank for Asia, Kam Shing Kwang, stated that the opening of the Singaporean trust company will allow the private bank to “serve a wider range of clients in one of the fastest, wealth-generating hubs in the world.”
The new trust company will be headed by Ethan Chue, who brings over 24 years of experience to the new role, spanning the areas of trust, estate, tax and wealth planning. Chue first joined JP Morgan in 2018 as an Executive Director based in Singapore.
The new Trust company will consist of a dedicated trust compliance officer, alongside Chue and four other trust officers. The team will also be receiving support from functions within the bank stemming from Asia, US and Europe, as well as trust company colleagues in the Bahamas.
Chue said of the opening that “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.”
With the newness of the wealth in Asia, and the rate that it is being generated, the region’s HNW and UHNW families have increasingly complex needs as they invest globally, especially when family members are based in several jurisdictions; these issues are exaggerated by the desire of the founders of family businesses to pass over leadership to the next generation, resulting in a large market opportunity for trust operations.