JP Morgan has launched a trust company in Singapore to support the private bank's clients and their families in administering their wealth and planning for succession as clients have expressed interest in working outside of the Bahamas.
JP Morgan Trust Company (Singapore) taps on the rising number of ultra-high net worth families in Asia. It will be led by Ethan Chue, reporting to Martin Pollock, head of International Trusts & Estates.
"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.
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 US, and Europe, as well as trust company colleagues in the Bahamas.
The trust company will continue to build its team and operations in Asia and the Middle East, said JP Morgan Private Bank.
"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 Kam Shing Kwang, chief executive officer for JP Morgan Private Bank in Asia.