Wealth supervisor St James’s Place (SJP) has employed former Prudential boss Mark FitzPatrick to be its subsequent CEO.
He’ll take up the function of chief government officer designate from 1 October, changing present CEO Andrew Croft.
His appointment to the function had been broadly speculated in current weeks.
After a interval as CEO designate, he’ll absolutely take over the function from present CEO Andrew Croft on 1 December, topic to regulatory approval.
Mr FitzPatrick was group CEO of Prudential plc on an interim foundation till 24 February. Previous to this, he was the chief monetary officer of Prudential from 2017 to 2022, changing into chief working officer in July 2019. Lately he had been a part of a group which shifted Pru in the direction of a enterprise centered on Asia and invested in “digitally enabled face-to-face recommendation,” SJP mentioned.
Earlier than becoming a member of Prudential, he was a managing companion at Deloitte, a member of the chief committee and vice chairman between 2011 and 2015. He beforehand led Deloitte’s insurance coverage and funding administration audit observe and its insurance coverage trade observe. He’s additionally a non-executive director and chair of the audit and threat committee of Scottish Mortgage Funding Belief PLC and a trustee of the British Coronary heart Basis.
Mr Croft has been with SJP since 1993. He served as chief monetary officer from 2004 to 2017 and has been CEO since 2018. He’ll step down as a director of the corporate on 1 December however will stay working with the corporate to make sure an ‘orderly handover’ and can proceed to assist the enterprise into 2024.
Mr Croft has steered SJP by certainly one of its most profitable durations with numbers of advisers, earnings and earnings all rising strongly in most years. Nevertheless in current instances the corporate has been criticised in some quarters for its gross sales incentives and alleged excessive fees on some investments. Regardless of this it stays one of many UK’s largest and most profitable wealth managers with practically £160bn underneath recommendation and administration and greater than 4,000 advisers, lots of them Chartered.
Andrew Croft mentioned: “I’m immensely pleased with all we’ve achieved at St James’s Place. Having joined the enterprise over three many years in the past, I can see simply how far we’ve come.
“From a start-up in 1991 to a FTSE100 firm at this time, St. James’s Place has remodeled the wealth administration trade by offering trusted face-to-face, personalised recommendation. Our success is right down to the depth and high quality of the Partnership and the enduring relationships they forge with purchasers to ship nice shopper outcomes. It has been an ideal privilege to work with everybody inside our broad St. James’s Place group, and I want Mark and the enterprise each success sooner or later.”
Mark FitzPatrick mentioned: “St. James’s Place is a enterprise filled with people who find themselves obsessed with serving to households and people safe their monetary futures.
“The distinctive high quality of the service supplied by its Companions is extra essential now than ever, and I can’t wait to hitch the group. By persevering with to do the correct factor for purchasers and adapting with agility to our fast-changing world, I’m assured that St. James’s Place will probably be in a robust place to create worth for all stakeholders within the years to return.”
Paul Manduca, chair of St James’s Place, mentioned: “Mark has a well-established observe report in retail monetary providers and the board believes he’ll convey experience and vitality to the function. All of us look ahead to working with him.
“On behalf of the Board, I want to thank Andrew for his unwavering dedication to St. James’s Place during the last 30 years. Throughout his tenure as chief government officer since 2018, shopper funds underneath administration have grown to £157.5 billion, cementing our place because the main monetary recommendation and wealth administration enterprise within the UK at this time. Andrew will probably be drastically missed by everybody at SJP, and we want him our perfect in his retirement.”