Scottish Mortgage hires Prudential CFO FitzPatrick

Baillie Gifford’s high-flying flagship fund, the £20 billion Scottish Mortgage Investment Trust plc, announced the appointment of Prudential plc chief financial officer Mark FitzPatrick as a non-executive director.

FitzPatrick will become chairman of Scottish Mortgage’s audit committee.

FTSE 100 constituent Scottish Mortgage is the UK’s biggest conventional investment trust and is currently the biggest listed plc run from Scotland when measured by stock market value with a market capitalization of around £19.7 billion.

Perth-based SSE has a stock market value of almost £17 billion, while NatWest-RBS has been run from London for several years.

“Mr FitzPatrick is group chief financial officer & chief operating officer of Prudential plc, a provider of life and health insurance and asset management exclusively focused on Asia and Africa,” said Scottish Mortgage.

“He is a member of Prudential’s group executive committee and board and has overall responsibility for the group’s financial and operational functions, including actuarial, strategy, legal and corporate affairs.

Prior to joining Prudential in July 2017, Mr FitzPatrick was the managing partner, clients and markets at Deloitte and a member of the executive committee.

“Mr FitzPatrick worked at Deloitte for 26 years, advising global insurance and investment management clients.

“He held a range of executive leadership roles and was vice chairman of Deloitte between 2011 and 2015.

“Mr FitzPatrick previously led Deloitte’s insurance & investment management audit practice and its insurance industry practice.

The appointment of Mr FitzPatrick will take effect from 5 October 2021 and he will become chairman of the audit committee with effect from 1 April 2022.

“The appointment of Mr FitzPatrick as a director falls to be ratified by shareholders at the Annual General Meeting of the company to be held in 2022.”

Senior independent director of Scottish Mortgage Justin Dowley said: “I am very pleased that Mr FitzPatrick has agreed to join the board.

“He has extensive and relevant business and finance experience and will undoubtedly make a valuable contribution to the company.”