July 3 (Reuters) - U.S. banking giant JPMorgan Chase ( JPM )

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 ( JPM ) 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.