JP Morgan Bolsters UK Private Bank With Three Hires

Max Skjönsberg

17 April 2012

JP Morgan Private Bank has made three senior London-based appointments in a bid to build its presence in the UK wealth management market.

Nick Lewington has joined the team as a senior investor, while Andrew Brock joins as a private banker, and Nicola Walden has been appointed as a senior member of the capital advisory team.

Lewington was latterly head of absolute return fixed income at Union Bancaire Privee in London. Before that, he was head of active global fixed income at State Street Global Advisors.

Brock joins from Bernstein Global Wealth Management, where he held several positions, most recently being based in Boston as a client advisor covering the northeast region of the US.

Walden was most recently head of private client banking activities within Investec Private Bank. She previously held various positions at Kleinwort Benson Investment Management.

Lewington will report to Richard Beggs, head of Investments in the UK, and Brock will report to Tracey Reddings, head of UK private wealth management.

Walden will lead the private bank’s residential real estate financing efforts in the UK, primarily focusing on the bank’s mortgages business. She will report to Xavier Baudusseau, head of the capital advisory team for onshore markets in Europe, the Middle East and Africa.

Last week, the Wall Street titan said that its net income in the first quarter of 2012 was $5.4 billion, down from $5.6 billion in the same three months of 2011, while private banking revenue slipped slightly. Kicking off the quarterly reporting season for the US' banks, JP Morgan said its revenue from private banking was $1.3 billion, down 3 per cent from the year before.