Bestinvest founder John Spiers has returned to wealth management by acquiring the financial planning arm of Truestone Asset Management.
The Truestone wealth management business, which has been rebranded to EQ Investors, is responsible for £500m in client assets. The business has been acquired for an undisclosed sum.
Founder of Truestone Paul Szkiler is to focus on Truestone Impact Investment Management, which offers socially responsible investment funds in frontier markets.
Spiers is joined in the new venture by former Bestinvest financial director Paul Trueman.
EQ Investors also plans to launch a separate telephone and online-based service called EQ Direct to deal with investors who do not require face-to-face advice.
The service will be available for lump sums from £15,000 in Nisas and general investment accounts, and regular savings from £1,000 a month.
EQ Investors chief executive John Spiers says: “Truestone is already a great business with a terrific team. I want to help develop it further and enable its expertise to be available to a wider section of the market.”