Andrew Croft has taken over from David Bellamy as chief executive of wealth manager St James’s Place, the company confirmed to the stock market today.

The company announced in February last year that chief financial officer Andrew Croft would take on the chief executive role from 1 January this year with Craig Gentle appointed to the board as chief financial officer. Former chief executive David Bellamy stepped down from the board with effect from 31 December 2017. St James’s Place said regulatory approval had been received for the senior management changes which had now gone ahead as planned.

David Bellamy spent 26 years with the firm as an executive and the last 11 years as chief executive. He is expected to remain with the group in an advisory capacity and will take on the role of non-executive chairman of international operations.

It was announced recently that Mr Bellamy was also to become the new chairman of Weatherbys Bank, a private bank which specialises in the horse racing sector.

At the time the changes were announced, Sarah Bates, St James’s Place chairman, said: “Under David’s leadership, St. James’s Place has gone from strength to strength. Client funds have more than quadrupled to over £75 billion, the partnership has grown consistently to over 3,000 advisers today, and the company has become an established member of the FTSE 100. On behalf of the board, I thank David for his outstanding contribution throughout his 26 years of service.

“We are delighted to announce that Andrew Croft will become chief executive officer when David steps down. Andrew has already played a key role in the success of the group, serving as chief financial officer for the past 12 years and is the ideal person to lead St. James’s Place.”

Andrew Croft, chief financial officer, said: “I am naturally very pleased and honoured to be asked to take on the role of chief executive officer and very much look forward to working with the entire St. James’s Place community in the coming years.”

Craig Gentle joined St James’s Place in 2016 as chief risk officer. A qualified chartered accountant (ACA), he was previously a senior audit partner at PwC in London. He has more than 20 years of experience working with listed groups and other large financial services businesses in areas including statutory audit, transaction support and conduct risk.