Bell Potter shakes up management as Alastair Provan retires

afr.com:

Alastair Provan will retire as Bell Financial’s executive chairman, calling time on more than four decades at the brokerage firm.

Mr Provan told staff on Thursday morning of his decision to retire, people familiar with the meeting said. He will remain on the board as a non-executive director after retiring on November 1, Bell told shareholders.

Alastair Provan, right, with the late Colin Bell in 2015. Ryan Stuart

Bell Potter adviser Charlie Aitken will also leave the firm for a role at Regal Partners, people familiar with Mr Aitken’s decision said.

Mr Aitken, an adviser known for his broker notes, returned to Bell Potter some 12 months ago, after his former fund management business Aitken Investment Management was sold in a management buyout and renamed Constantia Investment Partners.

Regal has also hired Joseph Tobias from JPMorgan Asset Management’s funds business to conduct a similar role to Mr Aitken, but in its Melbourne office, the sources said. Mr Tobias joined JPMorgan in 2015.

Mr Provan said in a statement he was “proud” of what the company had built, and expressed “complete confidence” in the company’s management team. “Succession planning has been in place for some time now,” Mr Provan said in the statement.

One of the company founders, Colin Bell, handed over the executive chairmanship to Mr Provan in August 2019. Mr Provan joined in 1983.

Arnie Selvarajah and Dean Davenport will be co-chief executives of the group. Mr Selvarajah has been CEO of subsidiary Bell Direct since 2008, and Mr Davenport has been chief financial officer and chief operating officer of the group for more than 20 years.

Brian Wilson, who currently serves on Bell’s board, will be the new independent chairman, and Andrew Bell will join