Twelve months after it received a $28 million investment commitment from South Korea’s Mirae Asset Global Investments, robo investment adviser Stockspot has hit new milestones of $800 million in assets under management and 14,000 clients.
Founder and chief executive of Stockspot, Chris Brycki, said the growth in funds under management from $650 million a year ago resulted from an increase in the number of new special children’s accounts, growth of regular investing plans from existing clients and growing interest in sustainable portfolios.
Overall demand for robo advice continues to grow as investors seek low-cost automated investment solutions, Brycki said. This is against a backdrop of traditional financial advice becoming less accessible due to prohibitively high costs and reducing numbers of advisers over recent years.
Brycki, a former UBS portfolio manager, founded Sydney-based Stockspot in 2013.
Image: Stockspot chief executive and founder Chris Brycki.