In the Market: In Asia, people ask, how do I derisk from America?


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A European private wealth manager in Hong Kong told me last week he recently got the catalyst he needed to land a Taiwanese billionaire’s account: geopolitics. The billionaire was down to two major wealth managers -- UBS and JPMorgan Chase -- after Credit Suisse’s demise last year. He wanted a third bank but did not want to increase exposure to the Americans. The Taiwanese tycoon’s worry, the banker said, stemmed from the uncertainty caused by China-U.S. tensions: What if the Americans turned against people like him, or U.S. banks came under pressure to pull back from business there? In recent...