Riches – (expressive – iStock)
The 500 richest people in the world have added $500 billion to their combined wealth since the beginning of 2023.
JPMorgan has established a global unit focused on meeting… needs of the wealthy and their investment companies as it looks to expand services to include the rich in the world.
Established just before the pandemic and led by veteran JPMorgan expert Andy Cohen, the team now includes some 30 people in the US, Asia and Europe and works closely with the New York-based firm’s investment and private banks.
The unit is called “23 Wall,” a reference to the location of the bank’s former headquarters in Manhattan across from the New York Stock Exchange. The program focuses on about 700 families whose wealth exceeds $4.5 trillion, according to Cohen.
“We built this from the ground up,” Cohen, 56, CEO of JPMorgan Global Wealth Management, said in an interview from the firm’s London office. “We will continue to grow.”
This comes as global banks compete for a larger share of the wealth created in recent years, which helps drive fierce competition for the largest fortunes in the world.
JPMorgan has opened 40,000 new accounts in the past 10 weeks and last year added about one new customer per day with assets of $100 million or more, Marie Erdoss, chief executive of Asset and Wealth Management, said last week at the company’s Investor Day. , according to what was reported by “Bloomberg”, and was viewed by “Al Arabiya.net”.
Goldman Sachs is also expanding its private banking services and focusing more on family offices, while Citigroup opened new private banking offices last year as part of its plans to increase revenue.
“My specific mission is to focus on large multinational families and family offices,” said Cohen, who joined JPMorgan more than two decades ago, “and which have institutional needs.”
Cohen runs 23Wall in partnership with other JPMorgan wealth executives and directs his team of relationship managers and investment experts across 12 cities in six countries, including Paris, Hong Kong and San Francisco. About half of its customers are in the United States.
The unit does not have a minimum wealth, but it clearly serves the richest 0.01%.
Accelerating inflation and rising interest rates are causing financial stress for investors globally, but many members of the ultra-rich see their fortunes grow in 2023, largely driven by rising valuations of US technology companies. The world’s 500 richest people have added about $500 billion to their combined net worth this year, according to the Bloomberg Billionaires Index.
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