Mark FitzPatrick has been appointed to the board of directors as CEO designate of St James's Place, effective from 1 October, the firm said in a regulatory filing today (13 September).
FitzPatrick will take on the full role of CEO from 1 December, following the necessary regulatory approvals, which will also be Andrew Croft's last day at the helm of the wealth giant after three decades at the company.
Croft started working at SJP in 1993 and served as CFO between 2004 and 2017 and as CEO since 2018.
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Croft will remain with SJP into 2024 to "assist the business as required", the firm said.
FitzPatrick was previously interim group CEO of Prudential, a role he held until February 2023. He also served as CFO of Prudential between 2017 and 2022, taking on the role of COO in 2019 as well.
Before his stint at Prudential, he was a managing partner at Deloitte and served as a member of the executive committee and vice chair. He also currently sits as a non-executive director and chair of the audit and risk committee of Scottish Mortgage Investment trust.
Speculation on Croft's departure and FitzPatrick's appointment had been rife over the last few months, after it was revealed SJP was working with headhunters to find a new CEO.
Paul Manduca, chair of SJP, said: "I am delighted to announce the appointment of Mark FitzPatrick as SJP's next CEO. 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 St James's Place 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."
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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."
FitzPatrick concluded: "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".
