There will be change at the top of JP Morgan's global wealth business at the end of 2016, although it is unclear at this stage who will take on the role.

The head of JP Morgan’s global wealth management business, Phil Di Iorio, is to retire at the end of the year, Family Wealth Report can confirm.

Di Iorio has held the role since 2011, having previously served as head of private banking products and practices since 2005.

JP Morgan said a successor has not yet been named.

The firm's global wealth management business includes its private bank and securities unit.