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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNew 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.
