Asset manager BlackRock is preparing to launch a robo-advisory service in Europe later in 2016 a huge vote of confidence in the technology.

The world's largest asset manager entered the fray in August with the purchase of US-based FutureAdvisor, founded in 2012 by former Microsoft software engineers Bo Lu and Jon Xu. Assets under management at FutureAdvisor have risen by a quarter to $750 million since BlackRock's deal.