Modray resigned last Friday, as revealed first in this week’s Money Marketing, citing his discontent with some changes at the firm recently and is now on gardening leave.
Bestinvest, which has £3.7bn in assets, has been under the microscope for a large part of 2007 having seen its founder John Spiers step back from the business, passing on the chief executive role to Andrew Barnes.
Modray says Barnes’ introduction has been the catalyst for a number of changes at the firm.
He says: “The arrival of a new CEO has seen a fair amount of change at Bestinvest this year, causing me to become increasingly unhappy over certain issues. As a result I have reluctantly parted ways with the company.”
Journalists calling the firm this week have been told that Modray “is on holiday for the next couple of weeks”. Sources close to the company confirm that an email was sent to staff on Monday with instructions on how to handle calls for Modray.
Mike Neumann and Dominic Cummings have also either left or are in the process of leaving the firm and Money Marketing understands further departures could be in the offing.
Sources have also said there are concerns within the firm that it will not reach its business targets following the 3i deal.
Modray says he is looking at a number of possible opportunities within the industry but is unable to go into any details at present.
Bestinvest business manager Hugo Shaw says: “This deal with 3i has allowed some within the firm to re-assess their goals and move on to achieve them but this business is a happy ship.”