JPMorgan Hires for Private-Asset Push Targeting Canada’s Rich

JPMorgan Chase & Co. is building up its Canadian asset management team, with new hires planned for Toronto and Montreal, as it looks to tap into growing demand from the wealthy for private investments.

The bank is working on creating new alternative-investment products to offer to major wealth management firms in the country in the first half of this year. High-net worth individuals are the bank’s ultimate target, Travis Hughes, who heads JPMorgan Asset Management in Canada, said in an interview.

The bank’s Canadian asset management division is relatively small — it has about C$36 billion ($26.8 billion) ...