Bestinvest's Spiers to step down as CEO

Bestinvest founder and CEO John Spiers is to step down as CEO to be replaced by Peter Hall from UBS Wealth Management.

The financial advisory group has also announced Michael Covell will take over as chairman with immediate effect.

Spiers will remain as CEO until Hall joins in June to ensure a smooth transition of executive responsibilities. He will then continue his active involvement with Bestinvest by acting as joint chairman of the asset allocation committee, being a non-executive director and remaining a significant shareholder.

This is the second time Spiers has stepped down from the top job since founding Bestinvest in 1986. Then first was in December 2006, before the firm was acquired by funds managed by 3i in the summer of 2007. However, he returned to the role of CEO in the autumn of 2008.

His replacement Hall will join Bestinvest from UBS, where he has been managing director of UBS Wealth Management's regional and investment management business since 2006. Prior to that he spent a number of years at Barclays in various senior investment management and private client roles including as MD of Barclays Stockbrokers, Barclays Investment Management and Barclays Trust Company between 2001 and 2006.

Meanwhile, Covell has over 30 years experience in financial services. These include currently a portfolio of non-executive roles in the wealth management sector, including Hawksford International. Prior to this, he was a managing director in Goldman Sachs' European Private Wealth Management Division and a senior partner at Rawlinson & Hunter, specialising principally in financial, structuring and taxation advice for wealthy international private clients

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."

Hall's appointment as CEO remains subject to FSA approval.