SIR Mark Weinberg, one of the pioneers of the UK insurance industry, is stepping down as chairman of St James’s Place Capital, the upmarket wealth management firm.

He is to become president of the firm from December next year, handing the chairmanship to Mike Wilson, the chief executive and a long-time ally.

Sir Mark, 72, who is married to Anouska Hempel, the hotelier, said he would still devote half this time to St James’s Place. But his decision to give up the chairmanship marks the end of an era.

As part of a group of South Africans including Donald Gordon, the Liberty chairman, and Sir Sydney Lipworth, past chairman of the Monopolies and Mergers Commission, Sir Mark revolutionised the marketing of life insurance.

With Sir Sydney, he created Abbey Life in the 1960s, then repeated the exercise with Hambro Life, later renamed Allied Dunbar.

Sir Mark made millions of pounds when Abbey Life was sold to ITT, and doubled up when Allied Dunbar was sold to BAT Industries. By the early 1990s, his fortune was estimated at £70 million. The chairmanship of St James’s Place brought him a salary of more than £300,000.

St James’s Place is 60 per cent owned by HBOS.

The changes come after 15 months that Sir Mark described as “challenging”.

St James’s wealth management and investment services have suffered from sliding markets, and Sir Mark was forced to fly back from holiday in the Caribbean in February to issue a profits warning.

The group’s profits halved last year and it reported a 22 per cent slide in new business to £154.7 million as Britain’s wealthy shied away from equity investments.

The new chief executive of St James’s Place is Mark Lund, former chief executive of Virgin Direct.