There is a new category of super rich, and JPMorgan wants their money
- Feb. 23, 2016, 2:05 PM
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Wikimedia CommonsMansa Musa might've been the richest man in history.There is a new jewel in JPMorgan's crown.
Mary Erdoes, chief executive for JPMorgan Asset Management, described the bank's global wealth-management business as one of the most promising businesses at the financial behemoth in a presentation on Tuesday.
The reason? JPMorgan is winning business with the hyper-rich.
Erdoes said that JPMorgan has relationships with 50% of the world's deca-billionaires, or those who have in excess of $10 billion.
According to Erdoes' presentation, the bank is a major lender to the world's "major families," with $110 billion in balances with that group. And as the slide below shows, 50% of client assets in JPMorgan's private bank are from clients with more than $100 million in wealth.
JPMorganJPMorgan is lending an increasing amount to its rich clients, with another slide in Erdoes' presentation showing the growth in the credit book. The global wealth-management business now has $113 billion loaned out and $147 billion in deposits.
If that business were a bank in its own right, it would be the 11th largest in the US, she said.
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