St James's Place has turned to outgoing Prudential Group chairman Paul Manduca to take on the same role at the wealth management firm.

He will join the board at the Cirencester-based company on January 1 before taking over as chairman at the annual general meeting in May.

He replaces Iain Cornish who joined the board in 2011 and took over as chairman in 2018.

The founding chief executive of Threaneedle Asset Management, global chief executive of Rothschild Asset Management and European chief executive of Deutsche Asset Management, Mr Manduca has been chairman of Prudential since 2012 and will step down on December 31.

He said: "I am honoured to be asked to join the board and to become chair of St James's Place.

"I have long admired St James's Place for the unique service it offers to its clients of expert financial advice and a distinctive approach to investment management.

"I look forward to working with the whole SJP community as St James's Place continues its development as the leading provider of long-term financial planning at a time when the need for this is greater than ever."

St James's Place independent director Roger Yates said the appointment followed a "thorough search process" and thanked Mr Cornish for his time in the position.

Mr Cornish said: "It has been a huge privilege to chair the board at St James's Place.

"I will leave behind a strong board and management team running a successful company with a great future."