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About a fifth of its new hires will focus on clients in mainland
China, the people added, which is among the fastest growing
wealth markets globally despite an unprecedented regulatory
crackdown that has clouded its economic prospects.
The Wall Street bank has already expanded aggressively in Asia
in 2021 with 42 new joiners based in Hong Kong to cover mainland
clients, bringing the total number of people on its mainland
China team to 80, one of the sources said.
JPMorgan is eyeing China's wealthy individuals in the new
economy sectors such as tech, biotech, and electric vehicles,
the source said, adding its private banking clients in China
include Alibaba Group founder Jack Ma.
Ma's charitable foundation, which handles his media queries, did
not immediately respond to a request for comment.
Unlike some of its competitors that focus on the mass affluent
segment, JPMorgan's private banking business targets individuals
with at least $25 million in investable assets, the people said
on condition of anonymity as they were not authorised to speak
to media.
A J.P. Morgan Private Bank spokesperson declined to comment.
Global wealth managers, including Credit Suisse, HSBC and UBS,
have been ramping up headcount in Asia as countries including
China and India minted more billionaires and millionaires.
HSBC is ahead of its hiring targets for its Chinese retail
wealth management business and is exploring re-entering India's
private banking business, senior executives said in November.
It is looking to boost its mobile wealth planning service, HSBC
Pinnacle, in China by having about 700 personal wealth planners
by the year-end instead of the 550 originally planned.
Citigroup said last May it would target to recruit 1,000 wealth
professionals in Hong Kong in the next five years, including 550
new private bankers and relationship managers.
Asia's wealth management revenue pools are expected to soar
faster than any other market, nearly doubling over the next five
years to $52 billion, Boston Consulting Group said in a global
wealth report published in June last year.
JPMorgan's asset and wealth management business had $3.0
trillion of assets under management in the third quarter last
year. The bank neither discloses how much of that is accounted
for by Asia, nor gives a breakup of the regional headcount.
(Reporting by Kane Wu and Julie Zhu; Editing by Sumeet
Chatterjee and Himani Sarkar)
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