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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.