JP Morgan adds bankers to expanding UK private wealth unit

LONDON Mon Feb 11, 2013 12:26pm GMT

A man walks into the JP Morgan headquarters at Canary Wharf in London May 11, 2012. REUTERS/Dylan Martinez

A man walks into the JP Morgan headquarters at Canary Wharf in London May 11, 2012.

Credit: Reuters/Dylan Martinez

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LONDON (Reuters) - 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 (SOGN.PA), UBS (UBSN.VX) and Credit Suisse (CSGN.VX) respectively, JP Morgan (JPM.N) said on Monday.

Francesca Hall joins from Coutts, the private banking arm of Royal Bank of Scotland (RBS.L), 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 (2 million pounds) 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 (STAN.L) private banking chief Peter Flavel and the group expects eventually to introduce the strategy in other regions.

(Reporting by Chris Vellacott; Editing by Helen Massy-Beresford)

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