Baroness Helena Morrissey quits SJP after 14 months to become new AJ Bell chair

Baroness Helena Morrissey is to step down from the board of St James's Place after just 14 months to chair rival wealth manager, AJ Bell.

The financier will take up the role of non-executive director and chair designate at the Manchester-based firm from July. The Tory peer will take over as chair from Les Platts, who has held the role for over a decade.

St James' Place said Baroness Morrissey will step down at the firm's upcoming AGM to avoid any potential conflict of interest.

Baroness Morrissey said: "I'm sorry to be leaving the St. James's Place board after a relatively short time and wish my colleagues well. I have a great opportunity to chair AJ Bell and it's clearly not possible to do both roles."

Of the AJ Bell appointment, she said: "The business is growing quickly and I'm looking forward to joining the team to help build on that success and shape the future direction of the company."

Former Bupa boss and M&S board member, Evelyn Bourke, is also to join AJ Bell as a non-executive director.