Latest news with #affluentclients
South China Morning Post
15-06-2025
- Business
- South China Morning Post
Standard Chartered sees affluent clients putting more money to work in Hong Kong
Wealthy people are increasingly drawn to structured products and diversified investments in light of market uncertainty, according to Standard Chartered Bank 's Eliza Law , who sees affluent clients putting more money to work in Hong Kong 'Our clients' interest in investing has grown,' Law, managing director and head of affluent segment and distribution, wealth and retail banking at Standard Chartered Hong Kong, said in a briefing on Thursday. 'They are keen to enhance their investment knowledge and gain access to unique products.' First-quarter data from Standard Chartered showed the number of clients who moved up the ladder from other segments to the private-priority tier – those with assets worth more than US$1 million – surged 45 per cent from a year earlier. Other segments include priority banking, for clients with more than US$100,000 in assets, and premium banking, for those with more than US$25,000 in assets. This client 'up-tiering' contributed to the bank's double-digit growth in the first quarter from a year ago, Law said. That trend would be a 'key source' for the bank to meet its ambitious goal of attracting US$200 billion in global wealth-management business from newly affluent people in the next five years, she added. Greater interest in diversified investing and higher-return products, compared with time deposits, reflect how affluent clients are dealing with current economic challenges and global trade tensions. Law said Standard Chartered offered a range of highly sophisticated products that catered to professional investors within the bank's private-priority segment. The sales volume of these products grew 2.4 times from 2023, driven by certain principal-protected structured products linked to equities and interest rates.
Entrepreneur
27-05-2025
- Business
- Entrepreneur
JPMorgan Is Opening 'Affluent Banking' Centers. Here's Where.
The bank is planning to open 31 new financial centers by the end of 2026. In May 2023, JPMorgan Chase acquired a "substantial majority of assets and assumed the deposits and certain other liabilities" of First Republic Bank after it collapsed and was seized by regulators. The deal also included First Republic's brick-and-mortar locations. Two years later, JPMorgan is announcing what it's doing with the real estate: opening 14 new "J.P. Morgan Financial Centers" in four states that are "thoughtfully designed to cater to the needs of affluent clients," according to a company statement. Related: JPMorgan Chase Says AI Could Cut Headcount By 10% in Some Divisions: 'We Will Deliver More' "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," said Jennifer Roberts, CEO of Chase Consumer Banking, in a statement. Two locations are already open, 14 will open in 2025, and then JPMorgan says it is doubling the total to 31 by the end of 2026. The new branches are opening (mostly) in the former First Republic locations that JPMorgan acquired in May 2023, including Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts, according to the release. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care," Roberts said. Related: 'I Defend Your Right to Buy Bitcoin': JPMorgan Will Let Customers Buy Bitcoin, Though CEO Jamie Dimon Still Thinks It's Like a 'Pet Rock' Clients with more than $750,000 in qualifying deposits and investment balances are welcome at the new, office-based model, which was inspired by First Republic, JPMorgan notes. Customers who don't live near a new center can still access the services at their current location or remotely. Chase also offers a lower-tier called "Private Client," which is for clients with $150,000 or more in qualifying deposits and investment balances. It is available in all 5,000 Chase branches nationwide, per the release. Related: 'This Has to Stop': JPMorgan CEO Jamie Dimon Outlines How to Run a Successful Meeting
