Awards For Distinction 2016 – Best Private Bank – UHNW Services



Andrew Cohen

Andrew Cohen
chief executive officer
international private bank
J.P. Morgan

A sea change is afoot within Asia’s UHNW segment, spurred on by the structural transformation of economies in the region. Accordingly, old economy participants are seeking to scale and diversify their business portfolios, placing a greater emphasis on wealth preservation, while new economy participants are jostling to harness the region’s potential.

In anticipation, many private banks are ramping up their offerings by surrounding UHNW clients and their relationship managers with a plethora of resources, including seasoned specialists in financing, investments and wealth planning.

J.P. Morgan Private Bank in Asia holds the esteemed status of being an early adopter of this high-touch UHNW business model – one that peers are only now attempting to replicate.

Having long promoted this multi-pronged private banking approach to a client base that includes more than 60% coverage of top billionaires across multiple Asian jurisdictions, J.P. Morgan has successfully established itself as the first port of call for UHNW needs.

2016 was an especially telling year for J.P. Morgan Private Bank, which delivered strong regional revenue growth despite an industry-wide plunge in transactional volumes that negatively impacted many rivals.

One noteworthy aspect of J.P. Morgan’s approach is its focus on risk – it has fostered a legitimate culture of risk aversion that precedes revenue concerns. Indeed, the bank adopts a level of stringency that far surpasses established controls, despite mounting compliance costs.

“At J.P. Morgan, we have been significantly streamlining our processes with an aim to be the most efficient private bank in the world while meeting or exceeding our regulatory obligations, both locally and globally,” says Andrew Cohen, chief executive officer, international private bank, J.P. Morgan. “As business leaders, we need to reflect on the evolution of the private banking business model and the costs of operating in a new environment with additional thoughtful and efficient risk controls.”

With a longstanding model focused on delivering the full suite of wealth management solutions backed by strong focus on risk, talent and client experience, and demonstrated growth in adverse conditions, J.P. Morgan stood apart from the competition in 2016.

J.P. Morgan Private Bank is Asian Private Banker’s Best Private Bank – UHNW Services for 2016.