The lender is looking to hire more private-banking staff in Germany after adding three advisers and one portfolio manager last year to tap into that growth.
Monday 29, July 2019
JPMorgan Chase & Co. is hoping to a grab a larger slice of Germany’s private-banking market as wealthy individuals increasingly turn to international companies for advice, reported Bloomberg.
JPMorgan’s Private-Banking Business’ Hakan Straengh, said that traditionally, rich Germans have often maintained loyal relationships with one local lender and one from Switzerland.
However, the company is seeing a growing willingness to add a third pillar, and it’s often one from the Anglo-Saxon world, Straengh said.
According to JPMorgan this tends to happen when clients increase their liquid assets by selling a business or inheriting money.
Additionally, many of JPMorgan’s German clients are investing more internationally, out of the DAX and bunds and into the US and emerging markets, this does not stem from a desire to aggressively increase assets, it is more about maintaining wealth after taxes, inflation and fees, added Straengh.
Straengh said that the focus will be on women because all current advisers are male and the lender’s private banking headcount in Germany currently stands at 21.