Justin Modray is one of a trio of investment advisers that have left IFA firm Bestinvest in the wake of its sale in July to private equity group 3i.
The company today confirms advisers Dominic Cummings and Louise Rook have also left to pursue other opportunities.
In addition, it is understood investment director in charge of discretionary service Mike Neumann is also set to depart.
Modray, head of communications at Bestinvest, resigned from the firm last Friday citing he was “increasingly unhappy with certain issues”.
While Bestinvest has confirmed the exits of Cummings and Rook, it maintains Modray is still an employee and has “just got some time off”.
But Modray says: “The arrival of a new CEO has seen a fair amount of change at Bestinvest this year, causing me to become increasingly unhappy over certain issues.
“As a result I felt I had little choice but to reluctantly part ways with the company.”
He says he will be taking a holiday but plans to return to the financial services industry in the near future.
Bestinvest faced the biggest upheaval in its history when founder and majority shareholder John Spiers sold control of the company to private equity group 3i in July.
Spiers relinquished the bulk of his share in the IFA firm, but retains an undisclosed amount.
Hugo Shaw, business manager at Bestinvest, says the move has prompted some advisers to consider a different career path.
“The fact is this is an opportunity for a lifestyle change, but there’s no huge restructuring or massive change in approach,” he says.
“People have made some money from the 3i deal and there are one or two people that are using this opportunity for a change of path.
“It would be naïve of us if we hadn’t expected a few people to up and leave. Any sort of change in ownership could be a catalyst for other people to take a different path.
“In the grand scheme of things this is not going to disrupt the operations here. The strength of the team is considerably greater than those names alone.
"The atmosphere here is exciting and we’re looking to drive this business forward.”
Shaw also confirms senior investment adviser Richard Chadbon is set to retire from the firm.
Founded by Spiers in 1986, Bestinvest currently controls client assets exceeding £3.7bn. CEO Andrew Barnes leads the existing management team.
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