The world’s best private bank 2023: JPMorgan Private Bank
JPMorgan Private Bank wins this year’s top award, as well as being named the world’s best private bank for ultra-high-net-worth individuals 2023, and the world’s best private bank for investment research 2023.
There are very few genuinely global wealth managers. One of them is JPMorgan Private Bank, and this year our panel of international experts name it the world’s best private bank.
JPMorgan also takes the awards for the world’s best private bank for ultra-high-net-worth individuals, and for investment research. All three decisions are well deserved.
Where to start? Why not with some very solid financial data.
After posting record revenues of $7.7 billion in 2021, its momentum continued in 2022. The private bank posted revenues of $2.43 billion in the fourth quarter, against $445 million in the same period a year ago. Its wider asset and wealth management unit generated net income of $1.13 billion in the last three months of 2022; total client assets held in the division at the end of last year stood at $4 trillion.
Its roster of relationship managers continues to grow. In 2022, the private bank added 460 professionals around the world, pushing its total number of advisers to a record high of 3,136.
Or how about scale? JPMorgan is heavily US-oriented. The New York-based firm has 58 offices scattered across the country, a number that has risen sharply since 2020. But it also serves wealthy and super-wealthy clients internationally from offices in seven European countries, Brazil and Mexico in Latin America, and Hong Kong and Singapore in Asia.
For proof of its global bench strength, look at its latest crop of awards. In Euromoney’s 2023 global private banking awards, the judges also name JPMorgan Best international private bank in Asia, Best for investment research in Europe, and Best for ultra-high net-worth individuals in North America.
At a country level, it was named the best international private bank in Germany and Italy, and best for UHNWs in the US. In Asia, it bagged the prizes for best international private bank in Singapore, and best for family office services in Hong Kong.
It claims to have relationships with 50% of the world’s deca-billionaires – families with at least $10 billion in liquid and illiquid wealth, who rely on the bank’s global platform for advice, solutions and connectivity across their personal and corporate balance sheets. In short: the kind of high-end investment advice that helps a wealthy family figure out what they need to invest now, to continue to grow their wealth long into the future.
Private wealth clients also benefit from JPMorgan’s investment bank, which provides institutionalized investment services not available at most private banks to key clients, including a direct link to its corporate analysts.
In environmental, social and governance, JPMorgan continues to set the pace
“With a 12:1 client to client-adviser ratio, clients receive access to a team of specialized advisers who provide counsel, partnership and solutions on aspects of their needs,” the bank says.
This includes generational wealth planning, family and business governance, philanthropy – and a team of former investment bankers devoted to advising individuals on their corporate activities.
Another tie-up with the private and investment bank businesses, '23 Wall’ – named after the bank's former headquarters in Manhattan – is held in the institutional wealth management arm. Client advisers corral resources and deliver bank-wide expertise direct to the firm’s most sophisticated clients, including advice on transactions across the equity and debt capital markets, and M&A.
JPMorgan also introduces key UHNW clients to private transactions and delivers insights on what other families are doing.
Led by chief executive Mary Callahan Erdoes, the firm is also a leader in succession planning. It equips the next generation with advice and connections as they look to inherit a family’s assets. An annual programme, ‘JPMorgan Future Leaders Exchange’, engages them on a range of topics, from multi-asset investing and leverage and structuring, to sustainable investing and honing their leadership skills.
In 2022, the bank introduced its inaugural ‘40x40 Summit’, which focuses on creating a connected global network of young visionaries who are changing the world.
Then there is JPMorgan’s investment research operation. Over the past year, its team has published more than 50 research pieces, covering everything from the energy crisis in Europe and inflation to a shifting global supply chain. Its events hub has flourished since the start of the pandemic, allowing private-banking clients to access live events led by external speakers, including corporate, financial and thought leaders.
Over the past few years, the bank has hosted 115 webcasts, Zoom and in-person events, covering insights across the global economy, wealth planning, philanthropy and cyber-security. Its ‘Making sense’ series of podcasts covers topics ranging from chats with dealmakers to key themes at the top of mind for buy- and sell-side market participants.
In environmental, social and governance, JPMorgan continues to set the pace. Last year more than 100 clients, representing more than $60 billion in assets, attended its sustainable and impact summit in London. It offered guests a chance to discuss sustainability agendas, compare notes on ESG investing, and connect the dots between their personal and financial commitments.