Proactive Investors - St. James’s Place PLC (LON:SJP) has officially installed Mark FitzPatrick, the former boss of Prudential PLC (LON:PRU), as its new chief executive officer.
FitzPatrick, who was first lined up to become a successor to Andrew Croft in September, will take up his new position at the helm of the wealth management advisory from today, the firm said.
Croft, who had been with the firm since 1993 and held the top role since 2018, stepped down as chief executive and director at St James 's Place yesterday, it added in a statement today.
St James’s Place unveiled a new fee structure in October, following pressure from the Financial Conduct Authority (FCA) to align its fees with new consumer duty regulations brought in this July.
The wealth manager is expected to implement changes to its fees from the second half of 2025, cutting early withdrawal fees on bond and pension investments.
The change in its fees is expected to cost the FTSE 100-listed company up to £160 million before tax, but analysts at Barclays (LON:BARC) are optimistic that by slashing its fees, the firm could accelerate growth in the medium term.