FT: Private bank heads off to Asia - Spear's Magazine

FT: Private bank heads off to Asia

The world’s largest financial groups, including JPMorgan Chase and HSBC, are scrambling to relocate their private banking chiefs to Asia to focus on opportunities in the fast-growing region.

The world’s largest financial groups, including JPMorgan Chase and HSBC, are scrambling to relocate their private banking chiefs to Asia to focus on opportunities in the fast-growing region.

HSBC is in advanced discussions to move Chris Meares, the global head of its private bank, from London to Hong Kong. A decision is expected shortly, according to people familiar with the matter. Its private bank has more than $400bn (€292bn) under management.

It is understood that senior executives are pushing for Mr Meares to be based in Asia to position the bank better to capture the region’s growing wealth. HSBC declined to comment.

There are more than 2.4m dollar millionaires in Asia Pacific with a combined wealth of $7,400bn, according to the latest data from Merrill Lynch and Capgemini. The region is forecast to overtake North America as the world’s largest pool of wealth by 2013.

Douglas Wurth, the head of JPMorgan’s international private banking unit, relocated from New York to Hong Kong this week.

To read the full story, visit ft.com



 

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