JP Morgan has hired SG Hambros UK private bank boss Tracey Reddings (pictured) for the launch of a new wealth business.
The new business, which sits within JP Morgan Private Bank, is designed to help high-net-worth individuals and families preserve and grow their wealth.
Reddings, a former Wealth Manager cover star, will take up the newly created role as head of JP Morgan Private Wealth Management in the UK where she will be responsible for the growth of the private banking team across the United Kingdom.
At SG Hambros Reddings was responsible for the growth of the private banking team across the UK. Prior to this she was CEO of CAF Bank and CAF Marketing Services.
JP Morgan Private bank has been servicing ultra-wealth families in the UK for more than 50 years. The new wealth division will broaden JP Morgan's reach beyond this niche area where clients with less then $25 million (£15.6 million) are typically turned away.
The new division, which will reportedly launch in September, is modelled on the firm's existing private wealth management business in the US, which has 80 office locations dotted across the country.
Reddings' boss Olivier de Givenchy, who heads JP Morgan Private Bank UK, said: 'With our long legacy of catering to the world’s wealthiest families, the build-out of our private wealth management business in the United Kingdom highlights our commitment to being the wealth manager of choice to the increasing number of high-net-worth clients in the region.'
He added: 'Tracey comes to J.P. Morgan with vast regional experience in wealth management and an impressive track record in helping high-net-worth clients manage their wealth.
'Her breadth and depth of expertise reflects our dedication to delivering a world class service to our clients.'