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Modray quits over BestInvest strategy changes

Bestinvest head of communications Justin Modray has left the firm after four years.

Modray resigned last Friday, citing discontent with changes at the firm recently, and he is now on gardening leave.

Bestinvest, which has £3.7bn in assets, has been under the microscope this year after founder John Spiers stepped 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. 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 have been told that Modray “is on holiday for the next couple of weeks”. Sources confirm that an email was sent to staff on Monday with instructions on how to handle calls for Modray.

Money Marketing understands that further departures could be in the offing. Sources also say 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 but cannot give details.

BestInvest business manager Hugo Shaw says: “This deal with 3i has allowed some within the firm to re-access their goals and move on to achieve them but this business is a happy ship.”

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