Report predicts robo AUM will surpass US$1 trillion within 5 years

first_img Wealthsimple raising $750 million in latest financing deal, valuation hits $5 billion Wealthsimple sells U.S. biz to Betterment Assets on U.S. digital investment management platforms were estimated to be around US$257 billion at the end of 2018, a report from research firm Aite Group says. And that number could grow five-fold in the next five years.Client assets under management on robo-advice platforms will reach $1.26 trillion by 2023, the firm estimates. While “the hype around this industry trend has been a bit inflated,” a release said, “solid growth opportunities lie ahead for firms that can leverage their brand, market reach, and technical capabilities.” Canadian robo-advisor Wealthsimple manages $4.5 billion for more than 150,000 clients globally. The firm announced $100 million in new funding this week led by Allianz X, the digital investment unit of German company Allianz Group.Earlier this month, Nest Wealth acquired software company Razor Logic Systems, which provides banks, investment firms and independent advisors with a platform to generate financial plans for clients.The full Aite Group report is available for purchase here. BMO’s adviceDirect launches premium service Keywords Robo-advisorsCompanies Nest Wealth Asset Management Inc., Wealthsimple Inc. Related news Facebook LinkedIn Twitter African american business man using a tactile tablet over white background - Black people sam74100/123RF IE Staff Share this article and your comments with peers on social medialast_img

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