David Bellamy, the outgoing chief executive of wealth manager St James’s Place, is to become the new chairman of Weatherbys Bank, a private bank which specialises in the horse racing sector.

Mr Bellamy will replace current chairman Johnny Weatherby who will resume his duties as non-executive director. 

St James’s Place announced earlier this year that Mr Bellamy will step down at the end of 2017 after 26 years as an executive and the last 11 years as chief executive. Chief financial officer Andrew Croft will succeed him as chief executive and Craig Gentle, currently chief risk officer, will join the board as chief financial officer. Mr Bellamy will remain with the group in an ‘advisory capacity’ and will take on the role of non-executive chairman of international operations.

Mr Weatherby said: “I am delighted to welcome David as our new chairman. His experience in the financial services sector, his leadership skills, and his passion for innovation, growth, and trusted advice will make him an invaluable addition to Weatherbys Bank. 

“David is deeply respected and his appointment will bolster our position as a leading private bank. His track record at St James’s Place speaks volumes for his ability, where, over the course of 11 years as chief executive, funds under management more than quadrupled to over £85bn.”

David Bellamy said:“I am delighted to be joining Weatherbys and consider it a privilege to have been asked to take up the role of Chairman. 

“The company has an excellent reputation amongst its clients due to the absolute focus it has on the delivery of a bespoke, personal and relationship-based service. 

“Its heritage, track record and exceptional client focus provides the perfect platform for its future aspirations and I very much look forward to working with Roger, Johnny and the entire team at Weatherbys through the next phase of the bank’s growth.”