Staff at London-based Financial Planning and wealth management company EQ Investors have taken ownership of 22% of shares in the business.

Using a new employee share ownership plan, 88% of eligible employees have acquired shares in the business launched by wealth manager John Spiers who has also announced that he has gifted 31% of ordinary shares to the EQ Foundation, a registered charity.

The EQ Foundation aims to help disadvantaged people, mainly in the UK through grants, donations and “impact investments.”

Mr Spiers said: “The number of employees subscribing to the employee share ownership plan has exceeded my expectations and demonstrates tremendous confidence by staff in EQ’s philosophy and long-term prospects.

“As a long-standing advocate of employee share ownership, I have seen first-hand the strategic and ethical rewards of adopting a model which aligns the interests of employees with that of the business.”

Employee share ownership now totals 22% of the group’s ordinary share capital, making EQ employees the third largest shareholder, says the company.

EQ Investors assets under management have doubled to over £800 million since the company was relaunched in 2014.