It used to be the case that rich Asian private banking clients were only concerned about performance. Because of low tax regimes, tax planning was less of a worry.
A trend in the past year or so has been for Asia's wealthiest to wake up to the reality that their governments are likely to tax them more in the future than in the past. Even in Hong Kong - with its budget deficits - there is a concern that a low tax regime can't last forever.
This has led to more and more emphasis by private banks on tax planning and estate planning. As part of this trend, JPMorgan Private Bank has now hired...
