JPMorgan Pte Bank sets up Singapore trust company

Singapore

JPMORGAN Private Bank on Thursday launched a trust company in Singapore to cater for its ultra-high net worth (UHNW) clients and their families, as wealth expansion in the region continues to outpace the rest of the world. This is its first trust company in Asia, outside of its existing two in the Bahamas and Delaware, US.

The move will enable the private bank to better meet the complex needs of the super-rich in Asia and serve a wider range of clients in "one of the fastest wealth-generating hubs in the world", said Kam Shing Kwang, chief executive of JPMorgan Private Bank in Asia and vice-chair of investment banking for Greater China, at a media briefing. "Many of our Asian clients are likely to migrate their trust from the Bahamas to Asia."