St James’s Place has appointed former Prudential boss Mark FitzPatrick as chief executive officer designate, with effect from October 1, 2023.
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 officer since 2018.
Croft will step down as a director of the company on December 1, 2023 following an orderly handover and will remain with SJP into 2024 to assist the business as required.
Croft said: “I am immensely proud of all we have achieved at SJP. 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, SJP 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 SJP community, and I wish Mark and the business every success in the future.”
FitzPatrick was group chief executive officer of Prudential on an interim basis until February 24, 2023.
Prior to this, he was the chief financial officer of Prudential from 2017 to 2022, becoming chief operating officer also in July 2019.
During this period, he was a member of an executive team which transformed Prudential into a saving, investment and insurance business focused on Asia and powered by digitally enabled face-to-face advice.
Before joining Prudential, FitzPatrick was a managing partner at Deloitte, as well as member of the executive committee and vice chairperson between 2011 and 2015.
He previously led Deloitte’s insurance and investment management audit practice and its insurance industry practice.
FitzPatrick said: “SJP 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 SJP will be in a strong position to create value for all stakeholders in the years to come”.
SJP said his appointment follows an extensive and robust selection process by the group nomination and governance committee, considering both internal and external candidates
Subject to regulatory approvals, FitzPatrick will assume the role of CEO on December 1, 2023.
Paul Manduca, chairperson of SJP, said: “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.
“On behalf of the board, I would like to thank Andrew for his unwavering commitment to SJP over the last 30 years.
“During his tenure as CEO since 2018, client funds under management have grown to £157.5bn, 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.”
sonia.rach@ft.com
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