Rob Barker has been appointed CEO of The Openwork Partnership, one of the UK’s biggest advice networks with 4,800 advisers, from September.
He replaces interim CEO Philip Howell who will resume his role as executive chairman.
Duncan Brooker, who stepped into the chairman role, will also now return to his position as senior independent director.
Mr Barker joins Openwork from Alvarez & Marsal where he was head of insurance, wealth and asset management EMEA. Other previous roles include 10 years at Aviva where he was CEO of wealth, chair of Aviva Health, and CEO of protection and health.
In May, private equity investor Bain Capital took a £120m stake in adviser network the Openwork Partnership, securing a 30% share in the firm.
Mr Howell said Mr Barker will help Openwork deliver its strategic growth plans following the investment from Bain Capital.
He said: “The group is now primed for growth on all fronts with a particular focus on increasing adviser headcount, introducing new technology solutions and facilitating partner succession. These form the bedrock of our strategy to support more advisers in providing lifetime advice to more clients. Rob’s track record in leading distribution, driving operational efficiency and leveraging innovative technology set him apart as the CEO of choice for us.”
Bain Capital is a global private investment firm, managing more than $185bn (£137bn) of assets worldwide. It is based in Boston, USA, and invests in a variety of sectors including financial services, real estate, tech and crypto. It owns or has stakes in dozens of firms, including insurer Esure in the UK.
Since the investment from Bain Capital, Openwork has acquired network member and 100-adviser firm Northern-Ireland headquartered Milecross. The firm has assets under management of around £750m, with 100 advisers across 30 UK locations.
Openwork also agreed a new debt facility with Santander earlier this year to provide an expanded £35m revolving credit facility to accelerate its adviser succession and renewal programmes.
Since being set up in 2005, Openwork has grown to a network of more than 4,800 advisers. Since 2018, Openwork has been 90% owned by more than 1,300 Partners, which includes the principals of the network’s 860 advice firms.
