The digital wealth management firm became majority owned by Aviva back in 2018 but has been fully acquired with its founder/CEO exiting the firm.
Cardiff-based ‘robo adviser Wealthify has been fully acquired by financial services giant Aviva.
In 2018 Wealthify became majority-owned by Aviva but following a new transaction - from an option for the founders to sell their remaining shares to Aviva - has brought it fully under the control of the multinational listed insurance firm.
Wealthify says it has grown significantly since its launch in 2016, expanding its original offering of Stocks and Shares ISAs and General Investment Accounts to now include Ethical Investments, Junior Stocks and Shares ISAs, and more recently Self-Invested Personal Pensions (SIPPs).
The Cardiff based firm has 40 staff and manages the investments of 30,000 customers.
Co-founder and CEO, Dr Richard Theo, will leave the business. Richard Avery-Wright will stand down as chairman and member of the Investment Committee
Andrew Russell has been appointed as its new CEO. Andrew has worked for Aviva for eleven years and has over 20 years’ experience in financial services.
Michelle Pearce-Burke will continue with the business in her post as Chief Investment Officer and Chief Operating Officer, together with the five other members of the senior leadership team.
Theo said: ‘I have achieved my ambition to create a digital investment service that cuts through complexity and makes investing accessible to everyone, regardless of wealth or experience.
I am immensely proud of the Wealthify team; I believe we have built a world-class brand and platform which delivers a beautifully simple investing experience that customers love.”
It has been a wonderful and challenging experience to take Wealthify from a humble start-up
Wealthify says it will remain focused on “simplicity, affordability and transparency, as well as our ambition to bring the benefits of investing to mass-market savers”.