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Bestinvest CIO Frost to exit in major strategic review
by Dylan Lobo on May 14, 2012 at 11:10
Wealth Manager can reveal Bestinvest chief investment officer (CIO) Graham Frost is to leave the firm as part of a major restructure which will see a number of other people lose their jobs.
The review, spearheaded by chief executive Peter Hall, comes after Bestinvest enjoyed its most successful year in five in 2011. Its highlights included net new money of around £300 million and the launch of an execution only service, alongside the launch of a managed portfolio service.
In an accompanying statement the firm said: ‘Bestinvest is considering some organisation changes to put itself in the strongest competitive position. The proposed changes aim to keep the business at the forefront of the industry and ensure the company is able to deliver the best client service.
It added: ‘We have met our ambitious new business and profit targets for the year and these changes are designed to continue that upward trend and to meet the challenges of the future. We are confident that this process will help us to achieve that.’
‘As part of the strategic review we are in discussions with a few members of staff about their future roles at Bestinvest. These discussions are on-going and at this current time we are not allowed to comment on individual circumstances.'
While the firm refused to name individuals it is understood Frost (pictured), who led an eight-strong investment team, is among those leaving.
He joined Bestinvest in 2006 to assume responsibility for the firm’s investment capabilities, allowing chief executive and founder John Spiers to focus on managing the firm's other corporate functions.
In a profile in July 2011 Wealth Manager outlined the impact Frost had on reshaping the fund broker.
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