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JP Morgan UK wealth head’s five-year plan to grow business fourfold

by Elsa Buchanan on Mar 03, 2014 at 14:28

JP Morgan UK wealth head’s five-year plan to grow business fourfold

JP Morgan Private Bank duo and former Wealth Manager cover stars Tracey Reddings and Tracy Maeter have set out a five-year plan to grow the market share of its private wealth arm fourfold.

Reddings (pictured) joined JP Morgan Private Bank in 2011 as chief executive of its UK private wealth management. Her mandate was to build up the division, which targets clients with between $3 million and $25 million (£1.8 million and £15 million) of investible assets.

‘We had always served that audience group, but we were less known in that space,’ Reddings said. ‘Part of our strategy has been looking at increasing our market share fourfold in the UK over a five-year period.’

While she could not disclose current assets under management, Reddings says the business has delivered a 35% compound annual growth rate in the last three years. She expects ‘consistent double-digit growth’ for the next three to four years.

She added that growth in 2013 came from ‘new money’, pointing to entrepreneurs, corporate executives and family businesses as future UK wealth creators. ‘The increased IPO activity has also shown an emerging group of wealthy individuals.’

The client base is predominantly in the London and South East, but Reddings says there has been an upturn in the regions, mostly in the ‘well known’ wealth spots of the North and the West Country.

While advisers have both regional networks and connections, these are managed out of London.

A significant part of the bank’s business is also concentrating on ‘financial leaders’, added Redding’s colleague Maeter, who joined as head of investments last June.

‘It has been a natural client base for us because of our platform offering,’ Maeter said. ‘These types of clients are looking for sophistication, depth and ability to work across all the different asset classes.’

She has also witnessed a rise in activity in resident and non-domiciled international clients.

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