JP Morgan has seen the departure of managing director Richard Madeley from its UK private banking business, the bank has confirmed.

Madeley joined JP Morgan Private Bank from Ryes Capital, a specialist hedge fund risk management firm, in July 2005. Before Ryes he had headed up the UK private banking arm of UBS and prior to that been managing director of Deutsche Bank’s London private wealth management business.

While at JP Morgan Private Bank, Madeley had reported directly to Olivier de Givenchy, its UK head. Details of Madeley’s replacement have yet to emerge.

Madeley had joined JP Morgan along with Matthew Haimes, who had previously been head of business development in the private wealth management arm of Deutsche Bank in New York. Madeley’s remit at the Wall Street banking giant was to ramp up its coverage of the UK domestic private client market, while Haimes focused on expanding the bank’s relationships with hedge fund and private equity principals. Haimes remains as managing director at JP Morgan.

Private banking revenues surged at JP Morgan in the second quarter of 2012 to $1.341 billion, up from $52 million a year ago, the bank said last week as it restated first-quarter figures and expanded on moves to recover from serious investment bank losses. To read more about its restated results, click here.