�����ƽ��

* Estimate.

The “Automated Investment Services” segment contains private asset management providers who offer automated online portfolios in which private investors can choose investment volumes depending on their scope and private appetite for risk. Providers such as Wealthfront and Betterment allow private investors to invest their money (starting at very small amounts) in pre-existing portfolios which are automatically managed by lead investors or swarm intelligence (Social Trading) or individually configured parameters. The advantage of these services lies in the passive role of the investor, who may not want or cannot afford, ongoing, personal monitoring of their portfolio development. Such automated investment services also allow for the possibility of reaching attractive returns with low starting capital and without specific investment know-how, which is in contrast to classic investments offered by traditional banks. Online brokers without automated and recommendation-based advisory functions are not included in this segment.

** Income is defined as personal net income and is divided into three categories: low income is defined as the country-specific bottom third of the personal income allocation. Medium income is defined as the country-specific average third of the personal income allocation. High income is defined as the country-specific top third of the personal income allocation.