The former CEO of the UK wealth management group has a new berth as chairman of the family-owned private bank renowned for its horse racing links.

Weatherbys Bank, the horse racing lender that has expanded into new business areas in recent years, has appointed former St James’s Place chief executive – and WealthBriefing award-winner – David Bellamy as its new chairman. He succeeds Johnny Weatherby, who is stepping down after holding the role since 1994, when the firm was incorporated.

Roger Weatherby, chief executive of the eponymous, family-run bank, said of the new chairman: “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 £85 billion ($113.5 billion).”

Johnny Weatherby continues as a non-executive director at the firm. The bank, which is a seventh-generation institution tracing its origins to the early days of UK horse racing in the 1770s, has pushed beyond that sector to develop a private banking offering serving clients from a variety of fields. 

Bellamy was granted a lifetime achievement award at the WealthBriefing European Awards this year. 

While presiding over rapid growth at SJP, it has not been plain sailing at times, however. There was controversy around the firm during the summer; Bellamy defended the UK-listed group's reputation after an undercover probe by Which? Magazine unveiled alleged malpractice among some of its advisors. The publication said some advisors had failed to comply with transparency rules on the disclosure of charges. Bellamy said the firm offered value-for-money services. SJP, once part of the Lloyds Banking Group but now a listed, standalone business, has seen its AuM grow rapidly to become one of the more prominent wealth players in the UK, and has recently pushed into Asia.

Weatherbys has, meanwhile, made changes at its private banking business, naming Qentin Marshall as the private bank CEO in July, taking over from Adrian Crichton, who retired after being at the bank for 11 years. Marshall joined Weatherbys in 2015, having previously worked at Coutts and, prior to that, at UBS, where he helped to create the UBS family office group. (This publication recently interviewed Marshall about his strategy.) Late in November, Weatherbys Private Bank, part of the group, appointed Henry Taylor as an associated director, reporting to Marshall. Taylor joined from Lloyds Banking Group.