Connecting with clients

A conversation with Mike Fung, senior country officer for Hong Kong and chairman of the JPMorgan Private Bank in Asia

 

Mike Fung describes how solid advice, coupled with wide-ranging interests, is necessary for successful client management.  He joined JPMorgan in 2001 after a successful career in institutional and private bank client relationship management.

Asia is probably one of the most competitive private banking markets in the world; all the banks are here, from the U.S. , U.K. , Switzerland , France and now from mainland China . To differentiate ourselves, JPMorgan has always maintained a niche strategy to be the best and deal with the best, rather than to be the biggest.  As a result we have a strong share and top reputation in the ultra-high net worth sector.

By focusing on that market, we serve customers who have more than US$25 million in liquid assets. We provide our clients with customized solutions and an integrated client management team offering offshore private banking services.

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Mike Fung

Chairman of the Private Bank in Asia and senior country officer for Hong Kong

Joined JPMorgan: 2001

Chairs the Hong Kong Diversity Council, JPMorgan Club and Philanthropy Committee

Passions: Golf, tennis, squash, winter and water skiing, cards, finer wines and food

 

Q:  Is private banking different in Asia than elsewhere in the world?

Fung:  The profile of our Asian private client base differs from our clients in the west. Typically our Asian clients’ wealth is first generation and they are still in the growth, money-making mode and are willing to take greater risks. In the west, our clients have often inherited wealth and are in the 4th or 5th generations. The focus therefore is more on wealth preservation and charitable contributions.

In China there is a tremendous amount of new wealth being generated and we are very bullish about our growth potential there. As a new economy, we are always very careful about KYC [Know Your Client] and source of wealth.

Q:  You are the senior country officer for Hong Kong and are actively involved in many different networking groups. How important do you feel these groups are in creating the JPMorgan culture of performance, partnership, meritocracy, inclusion and directness?

Fung:  As the senior country officer I am able to act as a bridge between local staff and senior management. I care about our staff and want to promote opportunities to unite staff and encourage the JPMorgan values.  I treasure an “inclusive” work environment. I want to, as much as possible, encourage cross-selling and like to bring people together to make connections across lines of business. I hold regular town halls at our Shatin and Mongkok offices, visit our different offices, and strongly support the Diversity Council and the JPM Club. In addition to these two groups I also spearhead our philanthropy committee to work closely with NGOs to reach out to our local community. Last year, JPMorgan was awarded a “Caring Company” by the Hong Kong Council of Social Service.

Q:  In your role as head of the PB you liaise with high profile and very wealthy clients; what tips can you share about how you successfully manage these clients?

Fung:  Whichever line of business you are in, you need to make sure the client always sees you as being there for him. When there is an issue you should be perceived to be fighting for the client. He must feel that you are on his side.  Particularly when markets have shown such volatility as in the recent months, you need to be reaching out and engaging the clients. 

One thing I am very good at is using my personal interests or hobbies to connect with clients.   I have many interest and hobbies such as golf, tennis, squash, winter and water skiing, cards, finer wines and food. Understandably, clients don’t want to talk just about business so it is good to be able to connect with them on other levels about other interesting subjects. 

Q:  Your clients are very accomplished people, what characteristics do you think separates these people to make them so successful?

Fung:  I see three main underlying characteristics of successful people in an opportunistic market such is Asia ; they are dynamic, positive and know how to leverage relationships.