Saturday, 30 July 2016
Last updated 18 hours ago
May 15 2012 | 12:35pm ET
Fresh from the successful launch of its full-service prime brokerage business in Europe last year, JPMorgan Chase is planning to expand into Asia.
The bank, reeling from US$2 billion in trading losses, plans to roll out a full-service Asia prime brokerage within the next 12 months, Financial News reports. The new business will follow in the footsteps of JPMorgan's Europe, Middle East and Africa prime brokerage in employing a prime custody hybrid model.
JPMorgan opened its European prime brokerage in June of last year, adding prime custody services towards the end of the year. The bank entered the prime brokerage business in earnest three years ago, when it bought Bear Stearns' U.S.-focused platform.
The move to grow into Asia comes as JPMorgan makes other prime brokerage changes. The firm is integrating its equity treasury services and securities lending businesses, FN reports.