Australian banking group Macquarie has launched its Asian private wealth business with an office in Singapore. The business will be headed by Joseph Poon, former JPMorgan Private Bank head for South Asia, and staffed by local advisors. Mr Poon said: “Singapore is the world’s fastest growing private banking and wealth management centre and in the future will be one of only two global private banking and wealth management hubs, the other being Switzerland.” Guy Hedley, head of Macquarie Private Bank Australia, said: “In addition to the full suite of more traditional private wealth management services, the Macquarie private wealth model will provide ultra high net worth clients with access to exclusive deal flows that are normally only available to institutional investors.” Singapore has experienced one of the greatest increases in high net worth individuals in the region, with their estimated wealth standing at $323.7 billion according to the 2007 Asia - Pacific Wealth Report. Macquarie has been active in Asia for more than a decade and today has almost 2,000 staff in 11 markets in the region.