JPMorgan Chase & Co. (NYSE:JPM), Asia-Pacific Business and Wealth Managers’ Rankings

JPMorgan Chase & Co. (NYSE:JPM) slid to Rank #7 from a #5 spot among wealth managers in Asia-Pacific, according to a study by Private Banker International. Deutsche Bank AG (USA) (NYSE:DB)’s private-banking arm in Asia rose to spot #5 with almost 84% increase in assets under management (AUM) to $92 billion during 2013.

With $70 billion in AUM, Switzerland’s Julius Baer Group Ltd. ranked at No. 6, followed by JPMorgan with AUM of $69 billion. Switzerland’s UBS AG (NYSE:UBS) succeeded to defend its No. 1 spot for the second consecutive year.

JPMorgan’s Asia Performance

JPMorgan Chase & Co. (NYSE:JPM) reported mixed economic performance in Asia-Pacific region during 2013. The company reported slowing growth in much of the region, except Japan. The region contributed $4.69 billion in total net revenue out of $16.53 billion in total international net revenue during fiscal 2013.

Asia-Pacific net revenue during FY13 increased 14.58% YoY as compared to marginal 1.6% YoY increase in total international net revenue. The company reported net YoY decline in revenues for the rest of the regions including North America, Latin America/Caribbean, and EMEA.

Asian Top Performers

UBS remained the largest wealth manager in Asia as it increased its AUM by 14% to $245 billion in 2013. With hiring of 88 advisers, boosting the total number of client advisers in Asia to 1,120. Citigroup Inc. (NYSE:C) claimed #2 spot in the list with 13% YoY increase in its AUM to $238 billion. Credit Suisse Group AG (ADR) (NYSE:CS) followed them at No. 3 with $129 billion in AUM.

Local players also succeeded to increase their share to a record 13.2% in 2013, up from 11.5% reported in 2012. Economic growth in countries like India and China is expected to surpass the global average even in 2014. While the global millionaires grew 15 percent, the population of millionaires in Asia-Pacific grew 17% to 4.32 million in 2013. Global banks are competing with local players to tap this regional economic boom.

About the Author

Terrel is US Markets Daily's business news reporter. She joined US Markets Daily after five years as a print reporter.

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