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JPMorgan Chase’s wealthy clients are reportedly moving their wealth overseas in a push for diversification as the geopolitical climate becomes uncertain.
The bank is revamping its private banking arm in preparation to serve its richest customers who are looking to spread their money around the world to protect their wealth, the Wall Street Journal reports.
JPMorgan’s service requires a minimum balance of $10 million from clients and caters to investors who no longer want all of their wealth to just sit in their main country of residence.
In addition, investors are reportedly becoming more concerned about the war in the Middle East, as well as America’s trade war against other markets, prompting a migration of wealth.
Says Mary Erdoes, head of JPMorgan’s asset and wealth management unit,
“Our clients have always been multi-jurisdictional but now their assets are too, and that’s becoming ever more so with how the world is changing.”
JPMorgan recently appointed David Frame to head the private bank, which is a new role within the firm.
Frame noted that sports teams are one of the high-flying investments that the super rich are currently looking to park their wealth, and when Boston Celtics owner Wyc Grousbeck asked JPMorgan to find buyers for the NBA team, the bank contacted roughly 186 different clients around the world to solicit interest.
“The wealthier you get, the more you feel you’re a citizen of the world… If that doesn’t happen with the first generation of a family, it starts to happen with the second and the third.
There are borders for sports teams, but it doesn’t feel that way when it comes to the wealthy who are investing in them.”
