St James’s Place boss David Bellamy has been appointed chair of Weatherbys Bank, as he prepares to step down from the business he has led for 11 years, in 2018.
Bellamy will become the first non-member of the Weatherbys family to assume the role. He is to step down as chief executive of SJP next year, following a 26-year stretch at the company. During just over a decade in the position he oversaw a quadrupling of assets to a total of £85 billion.
Weatherbys chief executive Roger Weatherby said: ‘I am delighted to welcome David as our new chair.
‘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.'
Bellamy will replace Johnny Weatherby, who will remain on the board in a non-executive capacity.
‘I would like to thank my brother, Johnny, for his great vision and guidance as chair of Weatherbys Bank since incorporation in 1994,’ added Roger Weatherby.
‘Both David and I are delighted that Johnny will continue as a non-executive director, where his expertise and experience will be much valued by all members of the board.’
Bellamy announced his decision to retire from SJP in February this year, although in a recent interview he told the Telegraph he was ‘not ready to retire, frankly’.
In a Q3 update, SJP reported a £2.36 billion net inflow over the period, driving group funds under management to £85.7 billion, up from £71.4 billion during the same period in 2016.
The net inflows are 42% higher year-on-year, with year to date inflows standing at £6.7 billion.
Funds under management have been boosted by inflows into the company's pensions business, some £1.35 billion.
The discretionary fund management, unit trust and ISA business saw net inflows of £770 million in Q3.