J.P. Morgan Private Bank has created a China desk in Singapore, hiring Stella Lau as team lead, Citywire Asia can reveal.
Lau joins from UBS Singapore after five years, where her last role was desk head for ultra-high net worth clients from Greater China and Singapore. She has worked at Credit Suisse, Standard Chartered and American Express Private Bank in the past.
She will report directly to Grace Lin, head of China market.
The desk, which began operations in November, was created ‘to provide another option to better service our clients’ needs,’ a spokesperson said.
A growing number of Chinese high net worth investors (HNWI) are parking their money outside of Hong Kong as they expand their offshore investments and invest in Southeast Asia.
Private banks such as UBS, Credit Suisse and Morgan Stanley have been growing their China coverage out of Singapore in the past two years to capture these assets.
In 2016, China was home to about 1.1 HNWIs who collectively held $5.7 trillion in wealth, Capgemini’s 2017 Asia Pacific Wealth Report has showed.