JP Morgan is stepping up efforts to expand its high net worth operations in the Asia Pacific region with the recent appointment of banking veteran Peter Flavel to its private wealth franchise.

Flavel, who formerly led Standard Chartered's Global Private Bank, steps in as Asia chief executive officer of Private Wealth Management. He is popularly credited to have spearheaded StanChart's HNW platform which eventually grew to hold at least $40 billion in assets under management.

His departure from StanChart was recently reported exclusively by this publication.

He will report to Douglas Wurth, the CEO of the bank's International Private Bank, and will also be joining the company's Asia Pacific Operating Committee and Private Banking Executive Committee.

"Our commitment to being the trusted advisor to the growing number of high net worth clients is a natural extension of JP Morgan's leadership and legacy in serving ultra high net worth families worldwide," said Wurth in a statement.

"I'm confident that our private wealth management business will stand apart as more fully addressing the needs of the HNW client by leveraging our global markets expertise, diversified investment offerings, credit capabilities, and wealth structuring expertise."

JP Morgan has been working with the region's most sophisticated ultra-wealthy families for the past 75 years. The bank provides tailored wealth management services to individuals and families with at least $10 million in investable assets.