JPMorgan Chase’s wealthiest clients are moving their money overseas. They’re diversifying their investments due to global uncertainty.
A Shifting Global Landscape
The bank is expanding its private banking services to help these high-net-worth individuals spread their assets internationally. This service requires a minimum of $10 million, catering to clients who want to reduce their reliance on a single country’s economy.
Concerns about the war in the Middle East and ongoing trade disputes are pushing this trend. Mary Erdoes, head of JPMorgan’s asset and wealth management, explains, “Our clients have always had investments in multiple countries, but now their assets are even more globally spread, reflecting the changing world.”
New Leadership and Investment Strategies
JPMorgan recently appointed David Frame to lead its private bank. Frame highlights unusual investment choices among the ultra-wealthy, such as sports teams. For example, when the owner of the Boston Celtics sought buyers through JPMorgan, the bank contacted nearly 186 global clients.
Frame adds, “The wealthier you become, the more you feel like a global citizen…This isn’t just true for the first generation of wealthy families; it extends to subsequent generations. While sports teams might have locations, the wealthy investors who own them see things differently.”