JP Morgan has launched a private wealth management (PWM) business in the UK in a bid to cater to the growing number of high net worth (HNW) clients in the region.
The newly-created unit, which will serve both local residents and global citizens based in Britain, becomes a part of JP Morgan Private Bank.
The UK HNW unit’s launch is part of JP Morgan’s wider strategy to push into the private wealth market, focusing on clients in the $5m to $30m range.
The bank has traditionally focused on the ultra-HNW (UHNW) segment with more than $50m in assets.
PBI also understands JP Morgan could open up similar PWM businesses in France, Italy and Germany.
New boss for new business
The UK division is to be led by Tracey Reddings, who joins the firm in a newly created role as head of private wealth management, UK.
Prior to joining JP Morgan, she was responsible for growing the private banking team across the UK at SG Hambros.
Focus on HNW community in Europe and beyond
JP Morgan has been focusing on growing its HNW clients and families with more than $10m in assets over the past year, particularly in Asia-Pacific.
Last July, JP Morgan appointed Peter Flavel, the former chief executive of Standard Chartered Private Bank, to spearhead the build up its PWM business in Asia-Pacific.
JP Morgan’s PWM arm in Asia has made a raft of hires in a bid to strengthen its onshore team.
DBS’s head of Northeast Asia private banking Edwin Lim joined the firm as managing director and Hong Kong-based market manager for Greater China.
Gabriel Chan has been hired as a managing director leading the Greater China bankers within the Singapore-based PWM arm.
Hong Kong-based Patrice Huang, also from DBS, joined JP Morgan as vice president to cover PWM clients based in Greater China.
Meanwhile, Eric Goh was hired to lead the bank’s Singapore-based investment team for the PWM business.