Growing conflicts in the Middle East and the risk of a global trade war have made top clients more wary of keeping their money in one country or region of the world. Investors outside the U.S. also want to diversify their portfolios, attracted by the boom in private markets. “Our clients have always been multi-jurisdictional but now their assets are too, and that’s becoming ever more so with how the world is changing,” said Mary Erdoes, head of JPMorgan’s asset and wealth management unit, in an interview.

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