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Asia Private Banking Awards

Best for UHNW in Hong Kong 2021

JPMorgan Private Bank

The goal at JPMorgan Private Bank, as its Asia chief executive Kam Shing Kwan’s team likes to say, is not to be Hong Kong’s biggest wealth manager, just the best. Considering it has relationships with 50% of the world’s deca-billionaires, this is more than a motto.

Suffice it to say, this $10 billion-plus cohort would include a reasonable number of Hong Kong’s household names. These, and other ultra high net worth clients, have their pick of Hong Kong’s wealth managers. That JPMorgan added to its client roster shows how well it did in 2020.

The wealth management unit put up record revenue numbers last year with a 4% gain to $6.6 billion year on year, and a pre-tax margin of 27%. In the fourth quarter alone, revenue rose 2% year on year, while total new account openings last year kept pace with 2019.

The results reflect the fruits of continued investments in the relationship management team and strong performance across each of the firm’s wealth management businesses. Particularly in the Covid era, that has meant customized solutions and ideas to help clients manage their overall financial situations.

Particular hotspots for clients in 2020 were trusts, estate planning, lending options and philanthropic pursuits.

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