JP Morgan Private Bank has signaled its intent to take on the big UK discretionary players with the recruitment of a seven-strong team of private bankers.
The bank has been gearing up for an assault on the domestic market since June 2011, when it poached SG Hambros UK private bank boss and former Wealth Manager cover star Tracey Reddings, who subsequently set up JP Morgan UK Private Wealth Management.
The hires include a number of bankers from rival firms. Richard Cockburn joins from Société Générale Private Bank, along with UBS’s James Drace-Francis and Credit Suisse UK’s Stefano Ferraiolo. All three join as executive directors. They are joined by Coutts’ Francesca Hall, who takes up a vice president post.
The remaining three hires comprise talent JP Morgan has cherry-picked internally.
Aaron Georghiades also joins as an executive director after serving as a private banker at JP Morgan Private Bank’s New York office.
Meanwhile Bambos Charalambous and Cliadhna Law, who both join as vice presidents, transfer from JP Morgan’s Los Angeles arm and its JP Morgan Treasury and Securities Services division respectively.
The seven will report to Reddings (pictured) and sees JP Morgan turn up the heat in the battle among UK wealth firms to win high net worth business from individuals with between $5 million and $25 million worth of investable assets.
Reddings told Wealth Manager: ‘With our long legacy of catering to the world’s wealthiest families, and as we continue to grow our team and high net worth business, the hires within our Private Wealth Management business in the United Kingdom highlight our commitment to the increasing number of high net worth clients in the region.’
JP Morgan Private Bank UK head Olivier de Givenchy added: ‘These appointments reflect our continued expansion efforts in the UK high net worth market, where we have identified a real growth opportunity.’