In a bid to tap into the increasing number of Asia’s ultra-rich net worth families, JP Morgan is launching its first trust company in Singapore. The new company will aim to help its clients better manage their wealth and also plan for succession.
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.