Speaking to Bloomberg on this development, Vincent Chui, Morgan Stanley’s Asia Pacific head of wealth management, said that the bank’s constant growth and increase in its markets is reason enough for them to go to the next level this year.

He indicated that the rise in the number of employees for the positions of relationship managers could result in a minimum of 50 to 60 more customer service, risk and product executives joining the organisation.

The US investment banking Morgan Stanley declared that it touched a milestone in profit last year, owing to its wealth management business that contributes to over 50 percent of its earnings.

When asked on how the turmoil that has engulfed Hong Kong has affected the bank’s operations in the region, he answered in the negative. But, he admitted that the clients are now more concerned on how and where to deposit their assets, whether it is the US, Europe, Hong Kong or Singapore.

However, he maintained that creation of wealth, especially in the Tier-II cities of China and other regions of the Asian continent, has been robust and went on to say that there are abundant options in the ultra-high net worth domain.

Speaking on the matter of buyouts, Chui clearly stated that the bank while exploring all avenues will not compete in its quest for growth. This is in line with Morgan Stanley’s moves as against its competitor UBS that plans to cut down 500 jobs worldwide in order to focus exclusively on Asia and Europe.

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The new JP Morgan trust company in Singapore will be led by Ethan Chue who has been serving as executive director of JP Morgan since October 2018. Ethan Chue has the experience of working in fields such as trust, tax and wealth and also estate planning.

The Singapore team led by Ethan will include four trust officers and a trust compliance officer. It will be supported by JP Morgan’s units in Asia, the US, and Europe as well as its trust company in the Bahamas.

With regard to the launch of JP Morgan’s trust company in Singapore, Ethan Chue told the media 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.”

He added, “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.”

CEO at JPMorgan’s private bank in Asia, Kam Shing Kwang believes many of JP Morgan’s clients will move their trusts from the Bahamas to Singapore. During a press conference, she pointed out that many of JPMorgan’s European clients are also eager to book their trusts in Singapore.

Singapore is one of the world’s leading financial and wealth centres and demand for trust companies in the country is on the rise.

By the end of 2017, there were 814 billionaires in Asia, which is 38 percent of the global billionaire count.

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A media report said that the bank also wants to double the count of its wealth relationship managers to 70 by the same period. The bank’s relationship managers are the single point of contact for clients. 

Singapore’s DBS Private Bank has been operating its Thai wealth business for 20 years through its wholly-owned subsidiary DBS Vickers Securities (Thailand). DBS Vickers Securities offers onshore wealth management services comprising funds, equities, structured notes and bonds to clients in the country. 

Sim S Lim, DBS Bank group head of wealth management and consumer banking, told the media, “We believe the Thai wealth market holds immense potential, having witnessed Thai investors’ growing sophistication and receptiveness to investment ideas, and the Bank of Thailand’s encouraging regulatory stance towards offshore investments.” 

Thailand is becoming an attractive market for private banks. DBS said that Thailand has at least 122,000 high-net worth individuals — nearly equal to the count in Singapore. However, the high-net worth individuals in the country are somewhat conservative with offshore investments. 

Other wealth managers have also started to explore Thailand’s rich landscape to offer onshore services. In February, LGT setup a subsidiary known as LGT Securities (Thailand) to offer wealth management services. LGT is the world’s largest private banking and asset management group. 

More recently, DBS Vickers Securities has agreed to transfer its offline retail securities brokerage business to UOB Kay Hian by October end, media reports said. 

UOB Kay Hian is one of Asia’s largest brokerage companies. 

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