Greenshields tipped to take on leading role at BestInvest
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Financial services industry veteran Ray Greenshields has been hotly tipped to take over as chairman of BestInvest.
Greenshields is a former chief executive of Zurich and has also held senior positions with AMP and Barclays Wealth.
BestInvest has recently been hit with a second wave of departures, Money Marketing understands.
Employee benefits director Ken Murphy has left along with two senior financial planners, Matt Brunwin and Anthony Ignatius. Senior investment advisers Louise Rook and Richard Chadbon have also quit along with head of adviser admin Julie Page. Three investment administrators, Laura Buckley, Danni McGuire and Kerryn Rogers, have also left.
As part of Murphy's departure, BestInvest is thought to be considering closing its employee benefits consultancy. This is understood to have led to business development director Richard Brown and financial planners Giles Garlick and Ben Howland, son of former chairman and now deputy chairman Peter Howland, being offered voluntary redundancy.
BestInvest is reckoned to have lost around 10 per cent of its staff since the 3i-backed management buyout in August.
Senior management team members Justin Modray, Dominic Cummings and Mike Neumann left when the deal completed, triggering the share option scheme to pay out.
The new share incentive scheme is believed to be more heavily weighted to senior management.
Following the MBO, the business is thought to have embarked on cost-cutting measures, which has seen it trim back on non-core areas.
It is also understood that the adviser firm is lining up a number of acquisitions.
BestInvest refused to comment on the matter.
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