Bell Financial announces executive shakeup

Arnie Selvarajah and Dean Davenport will serve as co-chief executives of the group after executive chairman Alastair Provan steps down after 40 years with the brokerage.

Provan will continue to sit on the board as a non-executive director.

Selvarajah has run Bell Direct since 2008 and Davenport has served as group chief financial officer and operating officer for over 20 years.

Selvarajah who has worked in stockbroking for 25 years, earlier held senior roles with the Commonwealth Bank and Bankers Trust.

Davenport previously worked at KPMG

In a stock exchange release, Provan said 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."

Provan added that Selvarajah and Davenport have complementary skills and know the business inside out.

"I feel that now is the right time to step back from the role as executive chairman while continuing on the board as a non-executive director."

Brian Wilson will be the new independent chair, with Andrew Bell joining to represent major shareholder Bell Group Holdings.

Wilson is the former chairman of the Financial Investment Review Board, a former member of the Payments Systems Board of the Reserve Bank of Australia and a former senior adviser to The Carlyle Group.

For his part, Bell is one of the group's founders, alongside Colin Bell who passed away in March last year.
Wilson said for over 40 years, Provan has been "instrumental in transforming the group from a small commodities business to the prominent diversified financial services business that it is today."

"These changes represent an exciting new chapter for Bell Financial Group, and the board is confident that with Arnie, Dean and the entire leadership team, the group will continue to thrive and build upon its success."

In other board moves, James Unger will be the new chair of Bell Potter Securities, and Rowan Fell and Lee Muco are new directors.

Davenport will also chair Bell Potter Capital with Dean Surkitt and Muco serving as directors.

Bell Direct -  also known as Third Party Platform - will be chaired by Selvarajah, while  Muco will be the new chief executive.

Surkitt and  Fell will take on director roles.Bell Financial has around $74 billion in funds under advice.