Awards for Excellence 2014: Best global wealth manager
Development beyond its US heartland has turned JPMorgan into a global player in wealth management.
Best global wealth manager:
JPMorgan Private Bank
This year JPMorgan Private Bank passed the $1 trillion mark in private client assets. While the firm has long been a wealth manager of choice for ultra-high-net worth clients in North America, over the last few years, it has succeeded in spreading this reputation beyond the US to become a global force in wealth management and wins the award this year for Best Global Wealth Manager.
Since the end of 2010 the private bank has added around $270 billion in assets. “Ten to 15 years ago, our business was 65% US and only 35% international – now we’re an even balance by people and real estate,” says Phil Di Iorio, chief executive of global wealth management at JPMorgan. Di Iorio says that being global has its advantages for clients, but that being on the ground and offering local solutions is imperative – particularly as the bank moves down the client wealth spectrum from ultra-high-net-worth to those with between $5 million and $30 million, as it is doing in Asia, Brazil and Mexico.