Doug Wurth has been named as the new chief executive of JP Morgan's alternative investment group, a private-banking unit that offers investments in private equity, hedge funds, real estate and exchange-traded funds to private clients. The position is a new one.

Mr Wurth was previously head of investment solutions for Europe, the Middle East and Africa, based in JP Morgan’s London office. He will relocate to New York.

According to Dow Jones, Mr Wurth's job has yet to be replaced in London, although JP Morgan are currently interviewing potential candidates.