Mr Spiers, also the founder of Bestinvest, will take up the chair role immediately as his 3 colleagues are promoted to join CEO roles.

Longstanding employees at the boutique wealth manager, Nath Papadacis, Sophie Kennedy and Mark Howlett will take the joint-CEO positions.

EQ Investors says each of the three has been responsible for a key business area. 

Nath Papadacis is focused on operations and IT; Sophie Kennedy runs the investment management business and Mark Howlett heads the Financial Planning division.

Mr Spiers said: “I am hugely excited about what we can achieve with this new dynamic within the senior management team. The adopted joint-CEO structure is a forward-looking step for EQ.

“I look forward to providing support and guidance to Nath, Sophie and Mark in the coming years. They have worked hard for this moment, and this is their time to take this company forward. And I’d like to reaffirm that my shareholding is not and will not be for sale. 

“A significant portion has been transferred to the EQ Foundation which now controls over 20% and in due course it is my intention that it will receive the remainder.”