David Bellamy is to step down as chief executive of St James’s Place after 26 years as an executive with the FTSE 100-listed wealth manager.
Mr Bellamy, who has been chief executive for the past 11 years, made his announcement as the wealth manager reported a slight dip in annual profits before shareholder tax over the course of 2016 to £140.6m. In 2015, St James’s Place posted annual pre-tax profits of £151.3m.
Mr Bellamy will be succeeded by Andrew Croft, currently chief financial officer, and Craig Gentle, chief risk officer, will join the board to replace Mr Croft.
Net fund inflows increased over the 12 month-period to £6.8bn – up from £5.8bn in 2015 – and the company announced a final dividend of 20.67 pence per share, an increase from last year’s figure of 17.24p per share. Full-year dividends stood at 33p per share for 2016, up by 18 per cent from last year.
St James’s Place also reported funds under management now stood at £75.3bn at 31 December 2016, having grown by almost 30 per cent from £58.6bn at the end of 2015.
Mr Bellamy has worked in the financial services sector since 1973, joining the founders of St James’s Place in 1991 to establish the company’s back office.
Over the course of his tenure with the company, funds under management have more than quadrupled to £75bn.
Mr Bellamy said:
It’s been an incredible journey and I am very proud of what we have achieved together since the group commenced trading in January 1992. It’s been a great privilege to have led St. James’s Place through a period of great transformation and success over the last 11 years and I would like to thank the executive team and everyone in our community for making these achievements possible.
The group is in excellent shape and better placed than it ever has been for the opportunities that lie ahead and I know that, under Andrew’s leadership, St. James’s Place will continue to go from strength to strength.