JP Morgan' Top-Rank Private Banking, Wealth Figure Moves West To Join UK Group

Tom Burroughes

12 February 2016

One of the top figures at the private banking arm of JP Morgan, Peter Flavel, has left the bank where he has been for about five years to take the helm of Coutts & Co and sister firm Adam & Co, part of . (To see a story about his move to JP Morgan, announced in July 2010, see here. To see an interview with Flavel about his business, see here.)

WealthBriefingAsia understands that JP Morgan had made an internal announcement about Flavel; plans for a possible replacement for him are unclear at this stage. This news service is in contact with the bank and will update in due course.

Alison Rose, RBS’s head of commercial and private banking, the division covering Coutts & Co and Adam & Co, said of Morley: “Michael has been instrumental in guiding the business over the past seven years particularly through a significant period of change. He now feels it is the right time to hand over the reins as the business takes a new direction and re-focuses on growth.”

Last year, RBS sold its non-UK private banking businesses to Geneva-headquartered Union Bancaire Privée, as RBS moved to restore its profitability and return, eventually, to full private ownership. (RBS is currently majority-owned by the UK government.)

“As we near the completion of the sale of our Swiss and Asia businesses to UBP, we reach an important milestone. We are investing in our business in the UK and our strong Coutts and Adam brands with a focus on remaining the leading choice for private banking and wealth management,” Rose added.