Mark FitzPatrick, the brand new CEO of nationwide wealth supervisor St James’s Place, has began work right this moment in his new function after the corporate acquired regulatory approval for the appointment.
The previous Prudential boss has been chief government officer designate since 1 October, engaged on a handover interval with former CEO Andrew Croft who stood down as CEO yesterday.
Wealth supervisor St James’s Place (SJP) introduced in September that it had employed former Prudential boss Mark FitzPatrick to be its subsequent CEO.
Mr FitzPatrick was the group CEO of Prudential plc on an interim foundation till 24 February.
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 crew which shifted Pru in direction of a enterprise targeted on Asia and invested in, “digitally enabled face-to-face recommendation.”
Earlier than becoming a member of Prudential, he was a managing associate 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 apply and its insurance coverage business apply.
Mr Croft has been with SJP since 1993. He served as chief monetary officer from 2004 to 2017 and has been CEO since 2018.
Whereas Mr Croft has now stepped down right this moment as a director of the corporate he’ll proceed to assist the enterprise into 2024.
Mr Croft steered SJP by way of certainly one of its most profitable intervals with numbers of advisers, income and revenue all rising strongly in most years.
Nevertheless, in current instances the corporate has been criticised for poor share value efficiency, extreme gross sales incentives and alleged excessive fees on some investments.
Not too long ago the corporate introduced a significant fees overhaul over the following few years together with scrapping much-criticised exit fees.
Regardless of its challenges it stays one of many UK’s largest wealth managers with practically £160bn below recommendation and administration and greater than 4,000 advisers, lots of them Chartered.
SJP was a start-up launched in 1991 and is an everyday FTSE100 firm.
When his appointment was introduced Mr FitzPatrick mentioned: “By persevering with to do the best 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 come back.”
