What You Need to Know
- J.P. Morgan’s new practice will offer strategic advice to ultra-high-net-worth families regarding family offices.
- It will include more than 150 professionals, including 40 formerly practicing partner-level estate and tax attorneys.
- The practice will partner with J.P. Morgan’s 23 Wall, a specialized global team that caters to the ultra-wealthy.
J.P. Morgan Private Bank has launched a U.S. Family Office Practice, a new effort to support its largest clients and their family enterprises and expand its suite of family office services.
The practice will offer strategic advice to ultra-high-net-worth families seeking to enhance an already established family office, establish a new one or benefit from outsourced family office services without an independent office structure.
The firm says it already works with over 40% of U.S. families who have a net worth of over $100 million and with more than half of America’s billionaires. The private bank oversees more than $2.1 trillion in client assets globally.
The J.P. Morgan practice will include more than 150 professionals, including 40 formerly practicing partner-level estate and tax attorneys, offering guidance on estate planning, life insurance and strategic wealth transfer techniques, the bank said. It also will rely on the private bank’s Advice Lab, Global Investment Opportunities and Outsourced Chief Investment Officer teams.
The U.S. Family Office Practice will be led by William Sinclair, a 17-year J.P. Morgan veteran and U.S. Private Bank Operating Committee member.
As head of the practice, Sinclair is responsible for the strategic growth of the Private Bank’s family office platform to meet the needs of this sophisticated client base, the company said.
Sinclair also heads the private bank’s Financial Institutions Group, a division with over 180 professionals that focuses on delivering wealth management services to financial sector executives and their families.
“The launch of this new effort under William’s leadership underscores our commitment to continually invest in the private bank’s platform and ensure that we remain the bank of choice for the world’s wealthiest families,” said David Frame, J.P. Morgan U.S. Private Bank CEO.