With multimillion-dollar assets under their control, money managers that control the 'smart' money also need help with managing their own assets.
According to Kwang Kam-shing, managing director of JPMorgan Private Bank in Hong Kong, money managers that fit into this category include financial sponsors, financial leaders, hedge fund and private equity fund managers.
Kwang says JPMorgan recognised this group of professionals as requiring special treatment and set up its Financial Sponsor Group (FSG) with specialised teams.
'The clients we work with differ from other private banking in several ways. They tend to be young, very sophisticated investors in their own right and can be intimidating and demanding.'
Kwang says their unique qualities call for a unique response. In Asia, the FSG provides money managers with specialised services involving investments, trust and estate planning, and credit.
'They have a deep understanding of how the markets, global economies and investments work,' Kwang says.
'They are typically very illiquid in nature. They tend to have the majority of their wealth concentrated in the funds they manage themselves.'