John Spiers is to step down as CEO at Bestinvest for the second time.
Michael Covell becomes chairman with immediate effect with Peter Hall joining as chief executive in June.
Spiers, who founded Bestinvest in 1986, will continue as joint chairman of the asset allocation committee as well as a non-executive director and shareholder. He previously handed the role of chief executive to Andrew Barnes in January 2007 only to take over the role again in October 2008.
Covell has over 30 years experience in financial services and has held several roles in wealth management, including managing director in Goldman Sachs’ European private wealth management division. He replaces Ray Greenshields, who stepped down as chairman in October last year.
Hall joins Bestinvest from UBS, where he has been managing director of the wealth management regional and investment business since 2006.
Spiers says: “There is a significant opportunity for Bestinvest to continue to grow and I look forward to working with Mike and Peter.”
Bestinvest was bought by private equity firm 3i in August 2007. The move prompted a raft of departures from the firm.
3i partner Chris Williams says: “The business has proved highly robust through difficult market conditions and we are confident these appointments will be of great benefit to the future of business as it continues to grow.”