With defence spending evolving into an industrial super-cycle, private banks are steering high net worth clients beyond traditional weapons platforms. Indosuez Wealth Management (Indosuez WM) and J.P. Morgan Private Bank (J.P. Morgan PB) point to expanding opportunities in supply-chain components, battlefield tech, and Asian producers transitioning into global exporters. Ongoing political crises have “forced governments to rethink defence spending,” Francis…