Movement at the top: Wealthify promotes David Semmens to chief investment officer

Cardiff-based robo-adviser Wealthify has made some changes to its management team.

Wealthify’s former head of investment strategy David Semmens has been promoted to chief investment officer, after being acting interim CIO since June 2020.

Co-founder Michelle Pearce-Burke, who had been straddling two roles as the company’s investment officer and chief operating officer up until now, has shifted full-time into the COO role. 

Pearce-Burke will continue to sit on Wealthify’s Investment Committee, and said on the move:

“Wealthify has come a long way since our humble beginnings almost five years ago. Our investment performance to date has been strong—we have weathered some hard times, not least during our launch just weeks before the Brexit vote in 2016 and navigating the painful market crash last year due to Covid.”

“David’s expertise and knowledge has been an integral part of making this happen. So, I am pleased to hand over the CIO reigns to him knowing our customers’ Plans are in safe hands.”

In his new role, Semmens will sit on Wealthify’s leadership team alongside other executives, including CEO Andy Russell, who was appointed CEO when founder Richard Theo stepped down last June. 

Semmens said: “I am absolutely delighted to now be leading the talented investment team at Wealthify on a permanent basis.”

“Despite the challenges of 2020, we have produced superb results for our customers, and I am looking forward to building on that success in the years ahead.”

The Welsh fintech was fully-acquired by Aviva in June 2020, two years after the financial services giant purchased a majority stake in Wealthify.

In November 2020, Wealthify appointed former strategy director for Aviva’s UK general insurance Ben Luckett as its new chairman.

Luckett stepped into the role after Wealthify’s original co-founder and angel investor, Richard Avery-Wright stepped down following the robo adviser’s acquisition in June 2020.