The digital investment platform Wealthify has announced the permanent appointment of a David Semmens as chief investment officer.
Mr Semmens has been head of investment strategy at the Penarth-based firm since 2018, and he has been acting as interim CIO since June 2020.
Michelle Pearce-Burke, co-founder of the business and chief operating officer, had been the CIO. However, in a bid to support the firm’s growth plans, Ms Pearce-Burke will focus solely as COO, working alongside CEO Andy Russell while retaining her position on the investment committee.
As CIO, Mr Semmens will sit on the senior leadership team and he will continue to lead Wealthify’s investment strategy across the platform’s portfolio of investment options, from ISAs to SIPPs to general investment plans, all designed to try and make investing easy, accessible, and affordable for anyone.
Mr Semmens, a Chartered Financial Analyst Charterholder with more than 15 years of experience behind him, has worked in several global financial institutions including HSBC and Standard Chartered.
The company says that the permanent change in structure follow a period of strong gains in 2020 across all Wealthify investment plans, including risk levels from cautious to adventurous, and a fast-growing range of ethical plans. Since their inception, eight out of 10 portfolios have beaten their benchmark. Mr Semmens’s will tasked with continuing to navigate the market risks and opportunities that lie ahead for all customers, as markets begin to recover from the Covid-19 pandemic and in the aftermath of Brexit.
Mr 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.”
Andy Russell, Wealthify CEO, described the work Mr Semmens had done over the past year as “fantastic”, and said that he had maintained a strong performance through an unpredictable and fast-changing period.
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“The results of his investment strategies speak for themselves, and these give our customers confidence over their future performance under his stewardship,” Mr Russell said.
“We are also delighted that Michelle has chosen to concentrate fully on her COO role given our emphasis on growth in 2021 and beyond. Michelle’s entrepreneurial spirit is behind much of Wealthify’s success to date and she brings with this an acute understanding of the world of investing. I am really looking forward to continuing our work together into the next phase of our growth so that we can deliver a truly great service for our customers and future customers.”
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Ms Pearce-Burke, co-founder and COO added: “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. The Ethical Plans we launched a couple of years ago have also seen exceptional growth, smashing their benchmarks and winning multiple awards.
“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. And I am really looking forward to focusing on driving significant growth to meet our ambitious targets. As we enter this next exciting phase, customers can expect more from our existing products, as well as new product development and partnerships, all underpinned by the excellent, award-winning customer service we have become known for.”