Virus outbreak forces super-rich to stay indoors, leaving more time to trade stocks. FMTNews Virus
The coronavirus has forced many of them to work from home, cancel travel and avoid the golf course. That’s left them more time to trade stocks amid the turmoil, boosting revenue for Citigroup Inc and other banks in the region.
JPMorgan’s brokerage activity at its Asia private bank increased more than 30% in February from a year earlier as wealthy customers traded more, said Kam Shing Kwang, regional chief executive officer of the unit. In Hong Kong, trading exceeded HK$100 billion on 24 of the 28 days after the Chinese New Year holiday, according to data from the Hong Kong exchange.
They’re racing against time to change how they interact with wealthy customers amid the outbreak that has claimed more than 3,300 lives. One Hong Kong-based private banker, focused on the offshore Chinese business, said he’s mostly talking to prospective customers in his city because his firm has curbed travel and there are limited ways to reach mainland Chinese investors.
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