(Bloomberg) Barraged by investment firms eager to manage their life savings, many Americans are making their choice—for nobody….So fund giants Vanguard Group and Fidelity Investments are trying to win them over—with robots. The rivals, which have a combined $5.4 trillion in assets under management, are escalating the competition for customers in a new frontier known as robo-investing.
Robo-firms use algorithms to design portfolios based on questions clients answer online. These portfolios will more than triple to as much as $60 billion in 2015 from about $16 billion at the start of 2014, Boston researcher Aite Group predicts……
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