JPMorgan has established a trust company in Singapore to meet the wealth succession planning needs of its private bank customers.

The new entity will operate under the name JP Morgan Trust Company (Singapore).

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Ethan Chue will be in charge of the new entity and report to international trusts and estates head Martin Pollock.

Chue will be supported by a dedicated trust compliance officer as well as four trust officers.

The bank’s functions in Asia, the US, and Europe along with its Bahamas-based trust company staff will assist the new Singapore team.

“By having a presence in Asia, we can service our clients and their families in the region more efficiently, and be more proactive in working with them to anticipate changes and plan for succession to future generations,” Chue noted.

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The launch of the Singapore company is said to be in response to the increasing number of ultra-rich families in Asia.

Speaking at a media event, J.P. Morgan Private Bank Asia CEO Kam Shing Kwang said: “With the establishment of JPMTC SG, we will be in a better position to support clients who have complex wealth planning needs and serve a wider range of clients in one of the fastest, wealth-generating hubs in the world.”