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The chief who presided over a bitter “cruises and cufflinks” row at one in all Britain’s greatest wealth managers is making ready to step down.
Sky Information has learnt that St James’s Place, the FTSE-100 group which oversees greater than £150bn of consumer belongings, has kicked off a search to interchange Andrew Croft.
Metropolis sources mentioned on Saturday that the corporate was working with Russell Reynolds Associates, the headhunter, on the search.
Mr Croft has labored for St James’s Place since 1993, and served as its finance chief between 2004 and 2017.
He took over as chief government in 2018.
A supply near the corporate mentioned there was “no rush” to discover a new CEO, and hinted {that a} transition to a successor might take greater than a 12 months.
St James’s Place caters to prosperous shoppers, with hundreds of monetary advisers generally known as companions on the agency managing £153bn in belongings.
The corporate has confronted questions on its current efficiency, with Mr Croft describing current quarterly internet inflows as a “good” consequence however many analysts taking a distinct view.
It warned this 12 months that it will miss a key bills progress goal.
In 2019, St James’s Place grew to become embroiled in a row about companions’ pay and perks, with advantages together with cruise holidays and jewelry awarded to high-performing companions.
The regime was scrapped following a evaluate aimed toward encouraging “the suitable behaviours” amid issues that companions have been successfully being incentivised to mis-sell to clients.
Information of the possible change in management at St James’s Place comes forward of the introduction of a brand new client obligation supervised by the Monetary Conduct Authority.
Paul Manduca, the Metropolis grandee who chairs St James’s Place and beforehand led Prudential, will oversee the hunt for Mr Croft’s successor.
The corporate suffered a revolt this month at its annual assembly when greater than 20% of shareholders voted towards its remuneration report.
Mr Croft was paid a complete package deal for final 12 months of simply over £3m, with some traders irritated that he acquired long-term awards linked to its depressed share value through the pandemic.
Companions at St James’s Place, which relies in Cirencester, are self-employed.
A St James’s Place spokesman mentioned this weekend: “As a part of long-term succession planning, the Board has common dialogue with search companies to evaluate and monitor the market.
“That is according to greatest observe company governance.”
Shares in St James’s Place closed on Friday up 7.5p at 1112.5p, giving the corporate a market worth of £6.1bn.
The inventory has slipped 11% over the last 12 months.
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