Life insurer Aviva has taken complete ownership of UK-based low cost robo-adviser Wealthify.

In 2018, Aviva picked a majority stake in Wealthify for £17m.

The deal, worth, had the provision for the founders to offload their balance stake to Aviva.

The founders have now used the option, which has made the robo-adviser a wholly owned but independently run subsidiary of Aviva.

Wealthify CEO Richard Theo will now quit the firm after being at the helm since 2016.

He will be replaced by Andy Russell, an 11-year veteran at Aviva.

In a blog post, Wealthify said: “With many years of direct-to-consumer savings, investments and leadership experience, Andy is well placed to lead Wealthify on the next stage of its evolution whilst nurturing the Wealthify personality that continues to drive its growth.”

Richard Avery-Wright will step down as the chairman and Investment Committee member.

Michelle Pearce-Burke will remain as CIO and COO.

Commenting on Richard’s contribution, Wealthify said: “Richard has played a major part in making Wealthify the successful company it is today.

“His vision and hard work have had a big impact on the Fintech scene, especially here in Wales, and he has helped transform the way people can access easy and affordable investing.”

Launched in 2016, Wealthify has a client base of 30,000 and a staff strength of over 40.

Its offering has expanded from Stocks and Shares ISAs and General Investment Accounts to Ethical Investments, Junior Stocks and Shares ISAs, and Self-Invested Personal Pensions.