The move by the US banking giant is part of a trend of large banks looking to tap into this important client segment. UBS, the Swiss wealth management firm, has a family advisory group, for example. Another example is Citigroup.

“Given the increasing complexities and sophistication of single family offices, we have established a dedicated team who will focus on offering to this segment a range of customised services including tailored investment strategies, wealth planning, advice on family governance, philanthropic initiatives, and succession planning throughout the family office life cycle,” Samy Dwek, who leads the JP Morgan Family Office Solutions team, said today in a statement.

Large banks such as JP Morgan, with their investment banking and corporate finance arms, as well as their wealth management businesses, are looking to offer these packages of services to single family offices that cannot perform such functions in-house.  

JP Morgan Private Bank has $770 billion of client assets.