JP Morgan’s appointment comes shortly after Archie Norman became the group’s new chairman. JP Morgan, whose team will be led by Hugo Baring, will work alongside Credit Suisse.
Sources said the appointment did not represent any dissatisfaction with UBS but was rather part of a number of changes that were being introduced at the group.
Since Norman’s appointment a number of board members have stepped down, including the senior non-executive director Sir James Crosby who has been replaced by Mike Clasper.
Three other directors, George Russell, Agnes Touraine and Heather Killen have also left the board since Norman’s arrival.