Bestinvest founder John Spiers has quit as a director after 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 chairman.
Having founded Bestinvest 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 stake in July as he felt he was turning into a passive shareholder who is “becoming more interested in capital preservation than capital growth”.
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 buyout which resulted in a spate of departures, including head of communications Justin Modray, discretionary services manager Mike Neumann and director of strategy and acquisitions Dominic Cummings.