J.P. Morgan announced the launch of J.P. Morgan Trust Company (Singapore) Pte. Ltd (“JPMTC SG”) on 10 October 2019. In its media announcement, it said that JPMTC SG will support J.P. Morgan Private Bank’s clients and their families in administering their wealth and planning for succession. It will be led by Ethan Chue, reporting to Martin Pollock, Head of International Trusts & Estates.
“With the establishment of JPMTC SG, we will be in a better position to support clients who have complex wealth planning needs and serve a wider range of clients in one of the fastest, wealth-generating hubs in the world,” said Kam Shing Kwang, Chief Executive Officer for J.P. Morgan Private Bank in Asia and Vice Chair of Investment Banking for Greater China.
The history of wealth and business succession in Asia is comparatively short as many family businesses are still managed by the first generation. Despite this short history, families in the region have expanded their geographical footprints in terms of investments and planning, and some may have family members who reside in multiple jurisdictions.
“Succession is a long and complex process. Although families realise the importance of adopting a holistic approach to planning, we always encourage clients to start the conversation early,” said Rahul Malhotra, Head of Southeast Asia.
Succession is a long and complex process. Although families realise the importance of adopting a holistic approach to planning, we always encourage clients to start the conversation early.
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. 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,” Ethan Chue, Head of J.P. Morgan Trust Company (Singapore) Pte. Ltd added.
Joining Chue are four trust officers and a dedicated Trust Compliance officer. The team will be based Singapore and supported by functions within the bank in Asia, the U.S. and Europe, as well as trust company colleagues in The Bahamas. JPMTC SG will continue to look to build its team and operations in Asia and the Middle East.
Image: Saranya Phu akat / Shutterstock