JP Morgan has launched a trust company based in Singapore to support its private banking clients and their families to plan for wealth succession.
JP Morgan Trust Company (Singapore) will be led by Ethan Chue, reporting to Martin Pollock, head of international trusts and estates.
The firm is licensed under the Singapore Trust Companies Act to provide trustee and trust administration services.
It is a fully owned entity within the JP Morgan Group and is subject to the supervision of the Monetary Authority of Singapore.
“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 for JP Morgan Private Bank in Asia and vice chair of investment banking for greater China.
Operation
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 US 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.
Chue said: “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.”
