Bestinvest, the financial advisory firm, has appointed Michael Covell as chairman, and Peter Hall as chief executive officer to succeed founder John Spiers, who steps down from the position in June.

Mr Hall will join the business in June - subject to FSA approval - and initially work with Mr Spiers, “to ensure a smooth transition of executive responsibilities,” the firm said in a statement. After this period, Mr Spiers will continue to be involved with the business as joint chairman of the asset allocation committee, a non-executive director and shareholder.

Mr Hall joins from UBS Wealth Management, where he has been managing director of its regional and investment management business since 2006.

Mr Covell, meanwhile, joins with immediate effect. He has held several non-executive roles in the wealth management sector, including at Hawksford International. Prior to this, he was a  managing director at Goldman Sachs’ European private wealth management division.