St James’s Place Wealth Management (SJP) has appointed Tom Beal as its new CIO, replacing Chris Ralph who has served in the role for a decade.

Beal joined SJP in 2008 and most recently served as its deputy CIO. Earlier, he was a divisional director at the firm.

Meanwhile, Ralph will now serve as the chief global strategist at the wealth management firm.

Ralph noted: “I can convinced Mr Beal will do a superb job and is well prepared to take on the additional responsibility.

“Under his leadership our investment management approach will continue to evolve in order to better serve our clients today and into the future.”

Beal will be assisted by the firm’s investment committee headed by David Lamb, investment consultants as well as the in-house investment team, Ralph said.

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Developments at SJP in 2019

Last month, the wealth manager agreed to buy Scottish firm Policy Services (PSL), a family-owned independent financial adviser. PSL will continue to operate as an FCA-authorised independent trading entity and also retain its brand.

Earlier in 2019, SJP announced the acquisition of Harvest Financial Services, a pensions and investment firm based in Dublin. The deal adds around €1bn in assets under administration and advice to SJP.

SJP group’s funds under management were £112.82bn as of 30 September 2019.