(Reuters) -U.S. banking giant JPMorgan Chase on Thursday named insider David Frame as the global CEO of its private bank, effective immediately.

Housed within the largest U.S. bank's broader asset and wealth management business, the private bank offers investment solutions to high-net-worth individuals and families.

Private banking has become an increasingly important business for global lenders as they seek to deepen relationships with wealthy clients and tap into the growing pool of global wealth.

Beyond managing investments, private banks offer lending, estate planning and philanthropy services, helping to drive steady fee income and diversify banks' revenue streams away from more volatile and market sensitive Wall Street operations.

In the new role, Frame will lead the private bank globally, expanding his responsibilities beyond his current role as U.S. private bank CEO.

JPMorgan's private banking business oversees more than $2.9 trillion in client assets globally.

Rising geopolitical tensions and economic uncertainty are pushing wealthy investors to spread their money across markets and asset classes.

Demand is growing for global private banks that can offer cross-border investment advice, access to fast-growing private markets and help navigate risks tied to conflicts and trade disputes.

The bank said Frame will continue to report to Mary Callahan Erdoes, CEO of J.P. Morgan Asset and Wealth Management, which oversees over $6 trillion in assets.