JPMorgan develops a very prestigious business in Hong Kong

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JPMorgan establishes 23 Walls in Hong Kong as Asian family offices mature.

23 Wall – named after the bank’s iconic former headquarters in Manhattan – is a joint venture between JPMorgan’s investment banking and private banking divisions which are part of its institutional wealth management arm.

Comprised of a select group of investment bankers and private equity specialists, 23 Wall is responsible for the origination and execution of capital markets and mergers and acquisitions for family offices that are clients or prospects from private banking. JPMorgan also owns 23 Wall Private Investments, which invest clients’ money institutionally in the capital markets, both in debt and in stocks.

The US bank is looking to recruit a managing director and an executive director in Hong Kong for 23 Wall as it strengthens the team in Asia.

The initiative was launched globally in 2020 and is currently being rolled out in Hong Kong at a time when Asian Family Offices are becoming increasingly sophisticated in their needs and private capital is expected to reach $ 5,000 billion over the years. next five years.

Over the past three or four years, family offices in Asia have gone from being run by accountants who put money where they’re told to behave a lot more like institutions, and banks have set up dedicated teams to cover them both from the point of view of investment banking. and manage their assets, ”said a financial sponsors official in Hong Kong.

Banks compete in talent both in raising assets and in covering family offices as clients of their investment banking branches as they begin to behave like traditional private equity firms. This month, JPMorgan hired Tim Chow from Bank of America as head of financial sponsor and family office coverage.

The booming high net worth asset management race in China is driving the expansion of banks’ wealth management and private banking operations across Asia – and demand for traders to work in this arena continues to rise sharply.

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Photo by Sam Moqadam on Unsplash


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