St James’s Place names Mark FitzPatrick as chief
St James’s Place has appointed Mark FitzPatrick as chief executive officer to replace Andrew Croft, just as the UK’s largest wealth manager faces increasing scrutiny over its fees.
FitzPatrick, a former senior executive at UK insurer Prudential, will join SJP’s board in October and take over from Croft on December 1.
SJP said on Wednesday that it had conducted an “extensive and robust” selection process to find a successor to Croft, an SJP veteran who has been chief executive since 2018.
FitzPatrick will take the top job as the UK financial regulator’s new “consumer duty” regime toughens scrutiny of the fees that wealth managers charge clients. SJP produces most of its profits from annual charges.
“Mark has a well-established record in retail financial services and the board believes he will bring expertise and energy to the role,” Paul Manduca, SJP chair, said.
FitzPatrick was chief financial officer at Prudential between 2017 and 2022 and briefly served as its interim chief executive.
“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,” FitzPatrick said.
Croft will stay at SJP into next year to help with the transition, the wealth manager said.
This story originally appeared on: Financial Times - Author:Sally Hickey
