Prestigious partnerships and cinematic scenery. That’s the vibe JP Morgan’s Private Bank has embraced in its latest event sponsorship.
In March, the bank announced an official partnership with 1,000 Miglia, a classic car race against the beautiful Italian backdrop from Brescia to Rome.
The bank’s decision to opt for 1,000 Miglia speaks volumes about its client base and its brand values. The race has achieved the status of more than just a regular car competition – it is a European cultural event.
1,000 Miglia operates with its own mission – to “protect the race’s heritage and become a synonym of Italian excellence at an international level”.
Passion projects
Sarah Catania, the bank’s market manager for Italy and Greece, says the values of the event mirror some of those within JP Morgan but also underscores that this is the kind of event that very much appeals to the private bank’s client base.
“Celebrating the excellence and innovation that have made automotive history, 1,000 Miglia brings to the present, and the future, a great cultural heritage of knowledge, technique and passion. These are values in which we fully recognise ourselves.”
Catania says that the private bank prides itself on being forever “at the side of its clients and their passions” and this event offers the perfect backdrop to supporting that intention.
“In celebrating Italian excellence, 1,000 Miglia gathers around it a truly global and cosmopolitan community of enthusiasts, and this makes it the ideal partner.”
Since its Sicily debut in 1927, until its final race in 1957, the original “Mille Miglia” was a race to the finish line. However, as the race gained popularity, it became a spectacle, showcasing some of the rarest cars constructed between 1927 to 1957.
In its revamped format in 2024, the JP Morgan-backed event attracted some 420 cars and gave its private banking clients the opportunity to attend and experience what it describes as “the rich heritage of European automotive culture.”
“We’ve met clients from across the world here,” says Rosa Rita, global chief marketing officer for Asset and Wealth Management at JP Morgan. “It really is a global community.”
Competitive landscape
Partnerships are a popular choice for private banks and wealth managers. In a world where wealth whispers, events that elevate the soul are in demand. Luxurious movie-like locations are the new norms for this sector’s brand image.
Cazenove Capital’s decision to support the Modern Affluence Summit in London is a further example of high net worth brand activations.
The Summit aims to “join global c-suite and founder-level individuals across traditional luxury brands, financial institutions, and entrepreneurial businesses to challenge the status quo and stereotypes of affluence,” according to its marketing materials.
The wealth brand is eyeing the “next generation of high net worth individuals,” by aiming to delve into what their values, outlook and priorities might be.
“As the world goes through a seismic shift in wealth over the coming decade(s), we are excited to partner with Modern Affluence Summit to be part of an important conversation,” says Mike Pickett, portfolio director at Cazenove Capital.
“Reimagining affluence, and how we can help current and future generations use their financial and cultural capital in a meaningful, purposeful way.”
In the same way as JP Morgan’s private banking partnerships offer prestigious cars and luxury landscapes, the Affluence Summit is co-supported by Aston Martin, a brand more commonly associated with another UK export, James Bond.
However, it’s undeniable reputation as a global luxury car brand, once again highlights the relationship that exists between wealth marketing and aspirational living. Tapping into this prestigious target audience in 2024, requires a cinematic train of thought.