LONDON Feb 11 The private wealth arm of JP
Morgan has appointed seven bankers to its British division,
poaching five from rivals, as expansion plans continue apace
under its new boss Tracey Reddings.
Executive directors Richard Cockburn, James Drace-Francis
and Stefano Ferraiolo join from Societe Generale, UBS
and Credit Suisse respectively, JP Morgan
said on Monday.
Francesca Hall joins from Coutts, the private banking arm of
Royal Bank of Scotland, as a vice president.
Three of the appointments - executive director Aaron
Georghiades and vice presidents Bambos Charalambous and Cliadhna
Law - come from elsewhere in the bank.
All seven will be based in London and report to Tracey
Reddings, who joined the bank last year from Societe Generale as
head of the UK private wealth unit.
"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," Reddings said.
Reddings is seeking to bring in more "core millionaire"
clients - people worth $3 million to $25 million, increasingly
courted over the super rich because their needs are less complex
and can generate wider margins.
Planned expansion of the UK business follows a similar push
in Asia led by former Standard Chartered private
banking chief Peter Flavel and the group expects eventually to
introduce the strategy in other regions.