Wealth management giant St James’s Place (SJP) has appointed Mark FitzPatrick to the board of directors as chief executive officer designate with effect from 1 October 2023.
His appointment follows an “extensive and robust selection process by the group nomination and governance committee, considering both internal and external candidates”, SJP said in a London Stock Exchange announcement.
Subject to regulatory approvals, FitzPatrick will assume the role of chief executive on 1 December 2023.
FitzPatrick was group chief executive of Prudential plc on an interim basis until 24 February 2023. Prior to this, he was the chief financial officer of Prudential from 2017 to 2022, also becoming chief operating officer in July 2019. He is also a non-executive director and chair of the audit and risk committee of Scottish Mortgage Investment Trust PLC and a trustee of the British Heart Foundation.
Paul Manduca, chair of SJP, said: “I am delighted to announce the appointment of Mark FitzPatrick as SJP’s next chief executive. Mark has a well-established track record in retail financial services and the board believes he will bring expertise and energy to the role. We all look forward to working with him.
FitzPatrick added: “St James’s Place is a business full of people who are passionate about helping families and individuals secure their financial futures. The distinctive quality of the service provided by its Partners is more important now than ever, and I cannot wait to join the team. By continuing to do the right thing for clients and adapting with agility to our fast-changing world, I am confident that St James’s Place will be in a strong position to create value for all stakeholders in the years to come”.
Succession
FitzPatrick will succeed Andrew Croft, who has been with St James’s Place since 1993, serving as its chief financial officer from 2004 to 2017 and as chief executive since 2018.
Croft will step down as a director of the company on 1 December 2023 following an orderly handover and will remain with St James’s Place into 2024 to assist the business as required.
Manduca said: “On behalf of the board, I would like to thank Andrew for his unwavering commitment to St James’s Place over the last 30 years. During his tenure as chief executive since 2018, client funds under management have grown to £157.5bn ($196bn, €183bn), cementing our position as the leading financial advice and wealth management business in the UK today. Andrew will be greatly missed by everyone at SJP, and we wish him our very best in his retirement.”
Croft added: “I am immensely proud of all we have achieved at St. James’s Place. Having joined the business over three decades ago, I can see just how far we have come. From a start-up in 1991 to a FTSE 100 company today, St James’s Place has transformed the wealth management industry by providing trusted face-to-face, personalised advice.
“Our success is down to the depth and quality of the partnership and the enduring relationships they forge with clients to deliver great consumer outcomes. It has been a great privilege to work with everyone within our broad St James’s Place community, and I wish Mark and the business every success in the future.”
