Print this article

JP Morgan's International Private Bank CEO Shifts To HK, Targets Strong Asia Growth

Tom Burroughes

22 March 2010

JP Morgan International Private Bank has followed HSBC in sending its chief executive to Hong Kong, a move that the bank said was part of its drive to significantly boost its assets in the region, according to The Edge, a Malaysian publication.

Douglas Wurth, who is in charge of JP Morgan's private banking business outside the US, moved to Hong Kong from New York in February. The publication said he is responsible for $150 billion worth of assets under management for wealthy clients.

Wurth said his relocation was a strategic move in relation to the US lender's expansion in Asia.

"We aim to double our Asian private banking business in all aspects in the next three years," he said. "China, India and other parts of Asia will be the fastest growing area around the world.

"This is why I am here in Hong Kong, which will be a window to the future of growth," Wurth was quoted as saying.

Wurth said the bank would hire more people in Asia, while the bank would also invest $100 million to establish a global technology platform to serve the private banking clients' investment needs.

HSBC global chief executive Michael Geoghegan has also recently moved to Hong Kong from London. However, reports last week said that HSBC has no plans to relocate Chris Meares, head of the bank’s private banking arm, to Hong Kong.