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Spiers steps back again as Bestinvest appoints new chairman and chief executive

John Spiers is to step down from the helm of Bestinvest for the second time after the group appointed a new chairman and chief executive.

Michael Covell takes on the role chairman of the group with immediate effect with Peter Hall joining the firm as chief executive in June 2010.

Spiers, who founded Bestinvest in 1986, will remain as CEO until Hall joins the firm and will remain to ensure a smooth transition. He will continue as joint chairman of the asset allocation committee, as well as a non-executive director and shareholder.

Covell has over 30 years experience in financial services. He has held numerous roles in the wealth management sector including as a 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 has made the decision to step back twice in the past three years. He previously handed the role of chief executive to Andrew Barnes in January 2007 only to retake the role in October 2008.

Spiers says: “Mike and Peter both have a huge amount of highly relevant experience and we are delighted to have secured their services as Chairman and CEO respectively. Our business is in great shape, with client assets at record levels, our client facing teams at full strength and new business substantially ahead of last year. There is a significant market opportunity for Bestinvest to continue to grow and I look forward to working with both Mike and Peter to ensure that the company continues its successful policy of aligning our interests with those of our clients.”

Bestinvest was bought out by private equity firm 3i in August 2007. The move prompted a raft of departures from the firm.

3i partner Chris Williams says: “We continue to believe that Bestinvest has one of the most attractive offerings in UK financial advisory and wealth management today, with a very strong research based proposition. The business has proved highly robust through difficult market conditions and we are confident that these appointments will be of great benefit to the future of business as it continues to grow.”

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