Bestinvest founder John Spiers has brought an end to months of speculation surrounding the company by selling a large portion of his majority shareholding to global private equity and venture capital firm 3i.
The deal, for an undisclosed sum, will see the firm take a majority holding in the business, with Spiers retaining a stake and role as non-executive director on the restructured board.
Current chairman Peter Howland will become deputy chairman, with 3i appointing a new chairman.
Spiers stepped back from the business earlier this year, passing on the chief executive role to Andrew Barnes, and says he is keen to take some money off the table.
Spiers says he was reassured by 3i’s experience of the wealth management market and willingness to keep the existing management team in place.
Bestinvest investment manager Hugo Shaw says: “Although the firm is clearly here to make a success of the business, we already have a successful model in place and 3i have set no exit date and are happy with the structure of the firm.
“We occupy a number of areas in the market and it is business as usual but I would not rule anything out if it improves the business.”
Spiers founded Bestinvest, which now looks after £3.7bn in client assets, in 1986.
He says he felt it was the right time to sell his shareholding as he was becoming a passive shareholder who is “becoming more interested in capital preservation than capital growth”.