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Marks could not immediately be reached for comment. However, a spokesperson for St James’s Place said he is joining the FTSE-250-listed wealth manager’s management team in its Leeds office, as a business development manager.
The spokesperson said there were no known plans by SJP to expand into the international wealth management space. However, some observers noted the announcement earlier this year of a partnership arrangement in the UK between St James’s Place and the Henley Group – the Singapore-based, expat-focused wealth manager, which also has operations in Hong Kong and Shanghai – and suggested that Marks’s knowledge of the international marketplace might be put to use in building up that operation.
As reported, that deal was described as having been conceived in order to enable the Henley Group to "broaden the range of services it is able to offer clients who live in more than one country" – benefits that presumably would also hold true for its partner in the arrangement, SJP.
The operation was being branded THG Wealth Management UK, and it was due to open its doors initially in the St James’s Place offices in Bristol at the beginning of July.
At Canada Life, Marks is being succeeded by Ralph Pace, who had been a senior member of the company’s institutional relationships team, and who was described by the company as having extensive experience in wealth management and in the institutional financial services market.
17-plus years with Canada Life
Marks first joined Canada Life International in 1998, spending seven years there as sales director before becoming sales director of Canada Life, a post he held for nine years. Following stints at The Hartford and MetLife Financial Services that totalled around four years, he returned to Canada Life about 19 months ago, succeeding David Gregory, who went to head up a new Generali PanEurope operation, as executive director of its UK and international business.
At Canada Life, Marks was a familiar figure in the offshore bond market, where he was a staunch defender of the product’s virtues, even after the coming into force, on 1 Jan 2013, of the Retail Distribution Review – with its ban on commissions, and greater transparency.
Offshore, Marks insisted in an interview with International Adviser last year, remained "an attractive proposition post-RDR – more so than many other propositions, apart from maybe retirement income planning".
“I am confident the market will be buoyant and I think it will grow [in 2013], even with the challenges,” Marks added.
To read Andy Mark’s interview with International Adviser last year in full, click here.
