People Moves

JP Morgan Names New CEO For Private Bank In Asia

Tom Burroughes Group Editor 16 March 2017

JP Morgan Names New CEO For Private Bank In Asia

This publication brings latest news on moves and appointments in the Asia-Pacific wealth management sector.

There is a new Asia chief executive at JP Morgan Private Bank, this publication can confirm.

Kam Shing Kwang takes up the role, replacing Andrew Cohen to be the Asia CEO. She will retain her role as the senior country officer for JP Morgan Hong Kong, to which she was appointed in 2015. She will continue to report to Cohen, who is the CEO for the international private bank of JP Morgan, the bank confirmed to WealthBriefingAsia.

In previous roles, Kwang was managing director and market manager for Hong Kong, China and sponsors, the Philippines and Thailand.

In January, JP Morgan's asset management division, which contains private banking, reported net income before tax of $2.251 billion in 2016, 16 per cent higher than a year ago. In the final three months of last year, pre-tax net income was $586 million, up from $507 million a year ago. The Wall Street-listed bank said private banking assets under management at the end of last year stood at $435 billion, down slightly from $437 billion at the end of 2015. As for total client assets, private banking had $1.98 trillion, up from $1.05 trillion at the end of 2015.


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