UK wealth management group St James's Place has announced the appointment of David Bellamy, managing director for the last five years, as its new chief executive, with immediate effect.

He took over the day-to-day running of the group after the departure of the previous incumbent, Mark Lund, in January 2007. Mr Bellamy has been with SJP since its inception 15 years ago and was appointed to the board in September 1997 with the role of group operations director.