Robo-adviser Wealthfront's founder to return as CEO

October 31, 2016 2:11 PM EDT

Adam Nash speaks during the Reuters Global Wealth Management Summit in New York City, U.S., June 17, 2016. REUTERS/Brendan McDermid


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By Elizabeth Dilts

NEW YORK (Reuters) - Wealthfront, one of the first and biggest online investment platforms referred to as "robo-advisors," announced on Monday that founder Andy Rachleff would return to the top job of chief executive officer.

Adam Nash, Wealthfront's CEO since 2014, will step down, but retain his position on the board of directors, Rachleff wrote in a blog post on Wealthfront's website.

Rachleff founded Wealthfront in 2011 with Dan Carroll, and previously led the company before hiring Nash to take the reins.

"When I joined the company no one had even heard of automated investing," Nash said in an emailed statement. "The question today is no longer, 'Will this work?' but rather 'How big will this be?' It's been quite an amazing journey."

Nash, an early Wealthfront client and supporter, joined the robo-advisor from the Silicon Valley venture capital firm Greylock Partners.

Nash had previously worked as vice president of product management at LinkedIn, where he oversaw the professional networking site's mobile efforts.

Rachleff also came from the venture capital world, having co-founded Benchmark Capital before he launched Wealthfront.

As of October, Wealthfront had $4 billion in assets under management for about 90,000 clients, according to spokeswoman Kate Wauck.

(This version of the story corrects paragraph 2 to show Nash became CEO in 2014 instead of 2013)

(Reporting By Elizabeth Dilts; Editing by Alan Crosby and Andrew Hay)



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