JPMorgan revamps private bank to help superrich clients invest globally – report

JPMorgan Chase (NYSE:JPM) is overhauling its private bank to meet the growing demand from ultra-wealthy clients who want their money invested beyond where they live, according to a media report published on Thursday.

David Frame has been named global chief of the elite private bank, which requires a minimum client balance of $10M, the Wall Street Journal reported, citing Mary Erdoes, JPMorgan’s head of asset and wealth management arm, in an interview. Previously, Frame served as the U.S. head.

The revamp comes as growing trade and geopolitical risks have prompted the superrich to seek diversification across borders, wary of tying too much wealth to any one part of the world.

“Our clients have always been multi-jurisdictional but now their assets are too, and that’s becoming ever more so with how the world is changing,” Erdoes told the WSJ, noting JPMorgan’s (NYSE:JPM) white-glove bank has already been working on helping clients invest their funds worldwide.

JPM shares drifted up 1.5% in late morning trading.