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Spiers steps down as Bestinvest director

Bestinvest founder John Spiers has stepped down as a director of the firm after earlier selling his majority stake to private equity firm 3i.

Spiers was originally expected to continue as a non-executive director on the restructured board, with 3i looking to appoint a new chairman following Peter Howland’s move to deputy.

Having founded Bestinvest back in 1986, Spiers had seen the firm grow to hold £3.7bn of client assets. He passed on his chief executive role to Andrew Barnes at the start of the year.

Spiers announced his intention to sell his majority stake to 3i back in July as he felt he was becoming a passive shareholder who is “becoming more interested in capital preservation than capital growth.”

Bestinvest chief executive Andrew Barnes says: “John is a man who, in Bestinvest, developed a new model for the IFA business. He will still be in touch with the company and able to offer us advice drawn from his many years of experience.”

Bestinvest has been under the microscope following the management buy, which resulted in a spate of departures from the firm, including head of communications Justin Modray.

Modray, who left the firm citing a number of strategy changes, was joined by discretionary services manager Mike Neumann and director of strategy and acquisitions Dominic Cummings.


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