JP Morgan Private Bank is opening a Manchester office to expand its presence across the UK.
Veteran adviser Khayyam Jumani will lead a team of private banking professionals providing wealth management advice and services to individuals, family offices, charities and family foundations across Greater Manchester.
Oliver Gregson, region head of JP Morgan Private Bank in the UK, Ireland & Channel Islands said:
"It is an exciting time for our organisation, and I'm delighted to embark on our journey in Manchester"
"Since the days of the Industrial Revolution, Manchester has played a leading role in shaping the UK economy. Today, the ten boroughs of Greater Manchester represent tens of thousands of enterprises in leading sectors like advanced manufacturing, digital and technology, life sciences and healthcare.
"It is for these reasons and many more that I'm delighted to bring a dedicated team and hub of resources under one roof in Manchester, which, when combined with JP Morgan's global resources, will deliver unparalleled depth of expertise, knowledge and capabilities for clients across the region."
With a career at JP Morgan that spans 12 years, UK North Team leader Khayyam Jumani has robust experience across corporate banking, lending and global investments. He joined the Private Bank in 2013 and has served clients across the UK for several years, playing an essential part in establishing JP Morgan’s presence in the area.
"Location plays a big role in understanding the environment in which our clients operate and the unique challenges they face," Jumani said.
"As Greater Manchester has become a critically important hub for innovation, entrepreneurship and creativity, it was important for us to expand our physical footprint and act as a catalyst for entrepreneurial growth by empowering business leaders, individuals and families through our advice, resources, solutions and global reach."
Andy Burnham, mayor of Greater Manchester, welcomed the news.
"Greater Manchester’s financial services sector is the largest in the UK outside of London, with the country’s largest regional fintech ecosystem," said Burnham. "The opening of JP Morgan Private Bank's first office in Manchester is a further boost for the sector, bringing another global brand into the city centre.
"Beyond creating jobs and stimulating investment, this decision is a tremendous vote of confidence in the strength of the wider city-region’s economy."
Joe Manning, managing director at MIDAS, Manchester’s Inward Investment Agency, added:
"We’re delighted to welcome J.P. Morgan to Greater Manchester and look forward to supporting the team in fostering deeper relationships across business and local communities."
"The opportunity for investment for financial organisations here is globally recognised and continues to flourish due to the expert tech talent and ambitious innovation across the city-region. JP Morgan’s new base in Greater Manchester adds even further weight to this proposition.”
JP Morgan's UK heritage extends back to the middle of the 19th century. In 1854 London, J. Pierpont Morgan’s father, Junius, built a merchant banking business eventually becoming J.S. Morgan & Co – one of the most successful private banks in London by 1864.
Today, the firm has offices in London, Manchester, Bournemouth, Glasgow and Edinburgh.