St James’s Place chief executive Mark FitzPatrick saw his pay package reach £3,389,958 last year, including a bonus of almost £1.7m.

The details were revealed in SJP’s annual report and accounts 2024 published today.

Mr FitzPatrick’s base salary in 2024 was £861,455, about 50% higher than previous CEO Andrew Croft, whose basic pay in 2023 was £563,862.

The company said Mr Fitzpatrick’s bonus and salary package was justified. In its report it said: “The chief executive officer has delivered good results in his first year with significant achievements in all scorecard areas, which is reflected in the annual bonus outcome for 2024.”

Mr Fitzpatrick became CEO in December 2023, joining from Prudential plc where he had been group CEO.

Previous CEO Andrew Croft had been with SJP for 30 years, joining the firm in 1993. He served as chief financial officer from 2004 to 2017 and had been CEO since 2018.

Mr FitzPatrick’s pay package was the highest of any SJP CEO over the last decade, a period during which the firm has faced criticism from some quarters over high bonuses.

The previous highest pay-out was the £3,115,406 awarded to Andrew Croft in 2022. Third highest was the £3,115,230 paid to previous CEO David Bellamy, who left in 2018.

SJP also appointed a new chief financial officer during 2024 and she was awarded an almost six-figure bonus for the year. Caroline Waddington joined from UBS where she has been chief financial officer for the group’s UK Credit Suisse entities.

Her starting base salary was almost 50% more than the previous CFO Craig Gentle, who retired during the year, although he remains employed by SJP on ‘gardening leave’ until his contractual notice period ends on 12 June this year.

Ms Waddington, who started in September 2024, was given a bonus of £979,375, taking her wage package for the year to £1,261,344, even though she was only at the firm long enough to earn just £182,692 of her basic annual salary of £625,000.

Retiring CFO Mr Gentle was awarded a £646,687 bonus for 2024, bringing his total salary package to £1,149,500, including the £371,975 basic salary he was paid.

Six non-executive directors at the firm were paid six figure salaries which climbed by as much as a third during 2024, according to the report and accounts.

The six were chair Paul Manduca whose remuneration package was £408,810, up from £377,880 in 2023; Rosemary Hilary £205,239 (up from £159,671); John Hitchins £199,747 (up from £142,590); Emma Griffin £198,082 (up from £149,980); Lesley-Ann Nash £133,841 (up from £112,109) and Simon Fraser, who joined the board last April and was paid £125,968.

SJP has been mired in a scandal about bonuses to staff in recent times but said the rewards paid out during the year were justifiable as, “the financial performance of the Group in 2024 was strong.”

Gross inflows for 2024 were £18.4bn, up 20% on 2023, with momentum building during the year, the firm said.

Retention of client funds under management (FUM) remained strong at 94.5%, resulting in net inflows of £4.3bn, representing 2.6% of opening FUM.

Looking ahead Mr FitzPatrick said: “The market opportunity across all segments in UK wealth management is compelling, with UK individuals having £3.3trn in liquid investable assets, which is expected to grow at 7% per annum, compound, to 2030.”

He said the firm’s “strategic direction is underpinned by our redefined purpose: to empower clients with invaluable advice to realise bolder ambitions.”