JP Morgan adds bankers to expanding UK private wealth unit
By Chris Vellacott | February 11, 2013 11:35 PM EST
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
Francesca Hall joins from Coutts, the private banking arm of Royal Bank of Scotland
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.
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
(Reporting by Chris Vellacott; Editing by Helen Massy-Beresford)