It will be part of JP Morgan Private Bank and the wealth management business will be run by Tracey Reddings in a newly created position as head of private wealth management, UK.
To take on this role, she is leaving as head of UK private banking at SG Hambros where she was responsible for the growth of the private banking team across the UK. Prior to this she was chief executive of CAF Bank and CAF Marketing Services, and she will now report to Olivier de Givenchy, head of the UK private bank.
JP Morgan Private Bank has had a presence in the UK for the past 50 years looking after ultra wealthy families, typically with £15m to invest. Its new business will concentrate on those it would formerly have turned away to “help high net worth individuals and families preserve and grow their wealth, as well as shape their legacies for future generations”.
Reddings’ business will closely follow the model of JP Morgan’s US private wealth management operation that has grown to 80 offices.
