Robo-adviser Wealthsimple is to quit the UK market after four and half years and transfer all clients to rival Moneyfarm.

Robo-advisers will have a hard time cracking the over-50s market with most in this demographic likely to reject an online-only automated service, according to new research.

Robo-adviser Nutmeg believes it has bucked the trend in the beleaguered digital adviser sector with 41% year on year growth in AUM.

Goldman Sachs has acquired a large stake in robo adviser Nutmeg, investing £45m in the business as part of the deal.