JP Morgan is rolling out a high-net-worth wealth management business in the UK as part of the firm’s existing private banking group that serves ultra HNW individuals, the US banking giant announced today.

JP Morgan said the new business line is modeled on the existing private wealth management business in the US, which has 80 office locations.

The new Private Wealth Management UK business will be led by Tracey Reddings, who joins the firm having been head of UK Private Banking at SG Hambros, a post she took up in October 2008. Prior to that firm, she was chief executive of CAF Bank and CAF Marketing Services.

The newly-created arm of JP Morgan will be up against such businesses as Coutts & Co and Barclays Wealth in the battle for such high net worth clients. The statement by JP Morgan today – confirming some media rumours yesterday – did not state how large the new JP Morgan enterprise will be in terms of its hiring goals or client assets under management.

JP Morgan will be hiring people for the new unit but is unable to say more at this stage, a spokesperson for the bank told WealthBriefing.

In her new role, Reddings will report to Olivier de Givenchy, head of JP Morgan Private Bank UK.

“With our long legacy of catering to the world’s wealthiest families, the build-out of our Private Wealth Management business in the United Kingdom highlights our commitment to being the wealth manager of choice to the increasing number of high-net-worth clients in the region,” he said.