The robo-advice sector could see consolidation as more start-ups enter what has been described as an already-crowded space.
Recent months have seen a number of new robo-advisers entering the market, joining the more established players to compete for investors' assets.
Among the latest robo launches are Tiller, the brainchild of two former hedge fund managers, and Wahed Invest, a robo-adviser which focuses on Sharia-compliant investing.
They join a long-list of robo-advisers which have launched in recent years, including Nutmeg, which launched in 2011, Scalable Capital, Wealthsimple, Wealth Horizon, Netwealth and Moneybox.
Paolo Galvani, chairman of Moneyfarm, which has assets under management of about £400m, said he was "surprised" at the number of robo-advisers which are still coming to market.
He said: "I am not worried or scared about the number of newcomers because these things take time. Starting this exercise very early gives us brand positioning and a lot of experience.
"We have not seen much in terms of consolidation in robo-advice but I wouldn't be surprised if we will see something in the next few months
"Brand positioning and the fact you are recognised as a strong player which is well funded, these are complex things to achieve."
A number of banks are currently looking at entering the robo-advice space, with NatWest one of the first to do so late last year.
As far as FTAdviser is aware there are about 20 robo-advisers currently active in the UK market.
Michelle Pearce, chief investment officer at Wealthify, said: "I am surprised to see new robos launching now. It is an expensive game, and not a cheap business model to run if you are entering this market.
"Now you may find it a little bit harder to get the backing you need."
She said traditional incumbents which want to enter the robo-advice market might begin doing so by buying up one of the start-ups because this could prove an easier route to market.
damian.fantato@ft.com
