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  2. Andy Milner

    The Financial Technologist ISSUE 1 2019

    Version 1.0.0


    The first Financial Technologist of the year is here and it is bigger than ever. Featuring the second ever Definitive List of the Most Influential Fintech Companies 2019, this year the list is bigger than it's ever been, including 175 of the most disruptive companies in the sector and the Power 20. Alongside that, you can hear from some of the companies featured in the list with insightful articles and interviews with their senior figureheads. The Financial Technologist Q1 2019 WWW.HARRINGTONSTARR.COM A new year, a new Harrington Starr magazine. The first Financial Technologist of the year is here and it is bigger than ever. Featuring the second ever Definitive List of the Most Influential Fintech Companies... © Copyright 2018 Harrington Starr
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    In December 2018 the Government published a white paper on the UK’s future skills-based immigration system, followed a day later by The Immigration and Social Security Coordination (EU Withdrawal) Bill. Once enacted, the Bill will end freedom of movement for EU nationals, set a new framework for migration based on skills not nationality and end preferential treatment for EU nationals. This webinar will help you to prepare for the changes in UK immigration rules being brought about by Brexit. We are partnering with Jurga McLuskey, who leads Deloitte’s UK and EMEA immigration practice. She is an eminent leader in the immigration space and has strong government relationships. She has appeared as an Immigration Expert in front of the Parliament Bill Committee to give evidence on the Immigration Bill and the White Paper. https://www.theinvestmentassociation.org/ia-training/webinars/webinar-details.html?wid=9914
  4. Your career goal will be guiding your decisions and approach to get there, but it won’t really tell you how to go about achieving the success you are looking for. I’m often asked for recommendations on what books to read or business titles to subscribe to so here is an eclectic selection of reading matter to add to your list. Please do feel free to add any further titles you’ve found useful in the comments section too. Over the course of your career no doubt you will need to master public speaking and receive mentoring or become a mentor so there are some tips here for these as well. Books to read There are lots of management/self-help books, ‘Passing time in the Loo’ (yes really is a book) sums up a number of them), they don't give a quick fix, but reading a steady stream, enables you to look at things in a different light, builds up your arsenal to cope with what life throws at you and more importantly gives strategies to build your capability. If you only ready one of these read “Who moved my cheese” (watch the video, read the book and find the meaning). It pretty much sums up life's (professional) struggles and the 2 different ways that people and rats approach them. Other books I would recommend are: The Robert Greene Collection, if nothing else there are some great stories in both these books The 48 Laws of Power The 33 Strategies of War The main point is that as you read through these you will start to see where some of these strategies have been played out at work or in life in general. Also, the last section in each chapter gives an example of how the strategy failed and why. Paul Arden is a famous advertising executive, both his books It’s not how good you are it’s how good you want to be Whatever you think, think the opposite Are easy reads, page per subject but really gets you thinking about the art of the possible. Malcom Gladwell, any of his books (Outliers) are a must. The main point is that they show how effort pays off in pursuit of success. Harvard Business Review (HBR), well worth subscribing to. Gives a good insight into business strategy and very topical. Good reference resource for projects and developments, but also to drop into conversations. HBR also do a good line in management books. There are obviously lots of other books out there, so try some others as well. Public Speaking The power and impact of being able to get up and speak in front of an audience should not be underestimated. There are lots of courses you can go on, but all are costly. I would recommend Toastmasters, as not overly expensive and it has clubs all over the world that you can drop into as a guest. I recommend starting out with a local group as then you get experience of talking about subjects other than work. They will teach you about ‘ums’ and ‘errs’, holding an audience and speaking without thinking. Also volunteer if there is ever an opportunity to do any form of public speaking, the more you do the better you will get. Mentoring The AlgoMe Community provides you with the opportunity to find a mentor to support you in the decision making in your career. A mentor can be for you the great resource for knowledge of the Investment Management industry but equally someone that through sharing of experience can give the guidance for the goals you need to set, the thing you will need to consider giving up, how you set your boundaries and deal with how others think. If your mentor is someone from inside your company, (s)he could be a great support in making career progress happen and guide you through the internal potential pitfalls. Lastly: Love, Life and happiness Love is what will drive you and support you and is more important than success or money. You only get one life, so make the most of it. That doesn’t mean to take the easy option, grab every opportunity/challenge that life throws at you. Enjoy the ride. You will succeed because of, rather than in spite of, what life throws at you. Happiness is a state of mind, not a goal.
  5. Andy Milner

    Trans Inclusion in the Workplace


  6. Attended a great event yesterday evening of #InterInvest, the LGBT network for the Investment Management Industry. An insightful panel discussion on trans inclusion in the workplace. No surprise that there is still some way to go. The personal stories of the panel members spoke for itself and are equally an eye opener. The main action to take away for me was to be an ally (hence writing this) and stand up for their rights be it in the workplace or in normal life. It was for me the first time attending a panel discussion on trans inclusion and the personal stories showed the daily exposure to the biases and prejudice in the workplace. Testimony to Rachel and Emma for having become successful in their own right in their companies and for me they are definitely a role model for other transsexual people or anyone else that has to overcome bias and prejudice for the person they are or want to become. So I hope to read on the AlgoMe Community more personal stories of creating inclusion and diversity so that we can all learn and be guided to create this in our own workplace.
  7. Stonewall has recently published its top 100 most LGBT inclusive employers in the UK. It is absolutely amazing to see that a total of 445 companies representing 20 sectors submitted their file, representing a total of 3.7 million employees. Not a small feat and a testimony to the importance of this report. Pinsent Mason has this year taken the top spot after being number 2 in 2017 and 2018. An observation from my side is that the public sector is dominating here and looking at the Investment Management industry, there is only one company featured in the ranking, Bank of America Merrill Lynch on spot 50. It seems that non of the other 200 plus companies have even filed for the ranking. So some work to be done there. My personal experience is that if investment management companies would file, they could score reasonable well. So it would be a great opportunity for the investment management companies to profile themselves as a diverse and inclusive employer. They might say this today within their company profile description but being mentioned in this list would give some evidence of it. Equally it would be an opportunity to better understand where they could get better. So I can only hope that in next years report, more than 1 investment management company will be listed. Top 100 Employers 2019 WWW.STONEWALL.ORG.UK Read our Chief Executive's Introduction The Stonewall Workplace Equality Index 2019, now in its fifteenth year, has been the largest yet. We’re immensely delighted by this year’s Top 100 Employers – and of all the...
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    To celebrate LGBT History Month, SchOUT (Schroders’ LGBT+ network) is holding an evening talk and drinks reception with Tim Hailes. Tim is Managing Director & Associate General Counsel in the Investment Banking Division of JPMorgan Chase & Co and the City of London Corporation’s first openly gay aldermanic sheriff. Along with a brief review of British LGBT history, Tim will be sharing his story of being gay in the City, his experience of coming out, the change the City has seen since he started his career and the reception he received when he became the City of London’s first openly gay aldermanic sheriff. A networking drinks reception will take place after the talk. The event will be open to all Schroders employees along with any interested employees within the investment management industry. We encourage everyone in the industry to attend the event to meet Tim Hailes and network with other LGBT+ employees and their allies.
  9. AlgoMe


    INNOVATIVE FINTECH. REAL-WORLD APPLICATIONS. 1200+ attendees. 65+ demoers. 120+ speakers. Only at Finovate. Cutting-edge fintech demos, real world applications provided by business leaders, hundreds of financial institutions passionate for change, all under one roof. New for this year, a deep-dive Summit Day on AI and Open Banking, a new world class venue, and an AI powered meeting app to help you connect with the people who matter to you. FinovateEurope FINANCE.KNECT365.COM See the future of fintech live on stage. Meet 1400+ senior fintech attendees and witness cutting-edge banking and financial technology in a unique, short-form, demo format. Get advice and insights from...
  10. Following the Trans Inclusion event at LGIM last night, my attention was drawn to this video about LGBT role models and the #hereiam campaign: LGBT Great WWW.LGBTGREAT.COM
  11. Earlier
  12. Pierre-Yves Rahari

    A guide to planning decisions to help you achieve success

    Great article, Chris. I fully agree on your suggested first step. I frequently use a vision or mood board to do this: Very visual (as the name suggests), and very powerful tool. Much recommended ...
  13. Andy Milner

    Opportunities for robo-advisory

    I posted in interesting report from EY that's worth taking a look at. It refers to a new approach to automation, "Robo-Advisor 2.0" which refers to "human advisors equipped with robust automated capabilities like analytics and digital tools".
  14. A guide to planning decisions to help you achieve success We are still relatively early on in the New Year so change and improvement is likely to be on your agenda. While fitness and diet are probably the first to pick up on our radars, work and careers are not far behind and many of us will be taking stock and giving our life at work a bit of an overhaul too. Being successful is part and parcel of ambition. However, there is no magic pill that will make you successful in your career. Only you can make yourself successful and whatever it means to you is the key. You are the one that sets the bar and puts in the effort and reaps the rewards. As you will be making throughout your career the decisions to create your road to success, what should you be looking at? Here are six questions to pose to yourself which may require some soul searching but are incredibly useful tools too. 1 First and foremost, what does success mean to you? You can’t be successful if you haven’t got a goal, so how would you describe this for yourself? Is it money, position, power, quality of life, work life balance, family, health, friendships, social life or something else or more likely a combination of these? If a combination of all the above, in what sort of ratio do each of these and others fit in? Define the measure of your level of success What level/seniority do you want to reach? Do you want to be top of the bottom (big fish, little pond), bottom of the top (small fish, big pond), or reach for the stars (big fish, big pond)? 2 Are you willing to give up/or to let go or do you want the cake and eat it all? The most likely truth of the matter is you can’t have it all, but I’m happy to be proved wrong on this one. If you want to go after a goal you have to be single minded about achieving it. This doesn’t mean you give up everything else, but you may need to move on from old/stale habits and beliefs. You need to give yourself a personal audit looking at; What’s stale? What’s are you willing to give up (even for a short period), this may even be something you enjoy doing, but can no longer justify the time/cost? 3 Where are your boundaries? This is possibly the most important area of all. As you progress you will unconsciously change, but proceed with caution here. You will want to be an improved version of your current self, not turn into someone you don’t want to be! You will therefore need to set some parameters about your values and ethics. What are the red lines you will never cross? What are your ethics? How will you treat others? How do you payback your good fortune? 4 What others think Some people will celebrate your success others will think you are a show off, getting too big for your boots/selling out. What will you do to take people with you on the journey? Who don’t you mind losing along the way? 5 Building support You will need a support network both at home and at work. Who will these people be? Do you share your goals with them? What is their payback for being on the team? How will you support them? 6 Failure You might not be successful immediately and don’t let yourself be put off by failing, learn from it and try again. If you don’t fail, you might not have tried hard enough.
  15. @Paul Smillie@Andy Milner I've read that Robo-advisory services are providing automated advisory to increasing numbers of retail investors; where do you see the most significant opportunities; asset allocation, portfolio optimisation, trade execution, rebalancing etc?
  16. Andy Milner

    IA's Edinburgh Members' Briefing

    The Members' Briefing will provide an update on the IA’s ongoing work in key areas such as the business implications of Brexit and threats and opportunities for investment management sector; next steps on Disclosure; the importance of industry-wide cyber resilience; the Stewardship Code review and expectations for the AGM season. This briefing will also provide our members with an ideal opportunity to discuss investment management’s vital contribution to the economies and our work in harnessing savings, investing in businesses and financing growth across the UK. https://www.theinvestmentassociation.org/members-area/events/event-details.html?eventtemplate=155-edinburgh-members-briefing-march&event=326
  17. Andy Milner

    Cleveland & Co

    Cleveland & Co External In-House Counsel are your specialist outsourced legal team. We have built a market leading reputation for providing the highest quality legal services in the investment management sector. Based in London, we have worked with a variety of clients globally, ranging from boutique investment firms to some of the market’s leading funds and banks. Our innovative advisory services provide our clients with solutions to all of their in-house legal needs. We work with them to negotiate agreements, launch new funds, deliver strategic projects, structure legal teams, and improve capabilities by providing specialist training courses.
  18. An interesting read: https://citywire.co.uk/wealth-manager/news/share-centre-why-i-believe-brexit-won-t-happen/a1191942?ref=wealth-manager-comment-list
  19. I attended yesterday a presentation of Lord Jonathan Hill in which he gave his views on what the next steps could be re. Brexit. I give here my summary of the presentation What is likely to happen (after another vote next week, which will not conclude no reopening of negotiations Unlikely even small change Will parliament look at other ways to avoid hard Brexit (which is currently the direction) staying in customs union for goods (but not services) Ruling out legally a hard Brexit (this means a bill through both houses) Political system is more volatile than ever and has shown to be extremely flexible in such situation and is likely to go back to process ...... the mood in parliament and business would be the driver Will not be sorted by March 29 therefore EU would grant extension (with election pressure in the back ground) Unlikely a second referendum (unless after a general election) On financial services industry Britain has and had a huge influence on EU regulation. So with UK leaving who would take over? ..... German unlikely as it is not central to their economy. So will it be France ? Barnier is French and if he would be a senior position after EU election, France could be a likely contender. Should the UK align itself with future Eu regulation of financial services, when after Brexit they are without direct influence or should they go their own way and use its technical expertise? So in general no clear answers but only directive in its views. What is your view?
  20. Luuk Jacobs

    ESMA and FCA agreement: At long last ...

    And at the same time the FCA has launched its dedicated webpage for Brexit - what we expect firms and other regulated persons to do now. https://www.fca.org.uk/news/statements/brexit-what-we-expect-firms-now
  21. Last week was our inaugural panel session for Cass Business School where we gathered some really interesting people together to talk about the future of work in our sector. We have mainly grown online since we launched AlgoMe Community, so it was a great experience to extend into the real world and meet students who are at the beginning of their careers and others who are already well into them, and on a path to pushing themselves further. Attending were current MBA and MSc students and alumni of Cass, and we were delighted to see such a diverse and engaged audience. We hope most, if not all, of them are now actively participating in our community. If you’re registered as a mentor, you might start receiving a few more requests. The purpose of the evening was to talk about the Impacts of FinTech to careers in Investment Management and marry up the insights and views of the panel with our audience and also to get a feel for what the next generation of investment management professionals had set in their sights. To do this, we shared some of the early findings from our FinTech, Investment Management and future careers Survey (we will be releasing this shortly and doing a follow up article in the community too). This allowed us to create a truly interactive debate as we put the same questions to our audience. They were then able to give feedback via the AlgoMe Community app in real-time (and thankfully it all worked beautifully without a glitch too). The key questions we wanted to hear the views of the audience and panel on were: - Are career paths less well defined due to the changes happening in the industry? - What skills will be the most important to develop careers in Investment Management? - Will FinTech and Innovation be positive or negative for future careers? - What are the most important things to do to be successful? There was a general feeling both Investment and Asset Management are ripe for disruption and there as an opportunity and threat of this coming from the outside due to the slow adoption of new technologies by the industry. This led into a discussion about technology skills and a skills gap. There was consensus among the panel about career paths not being too rigid, applying skillsets to new challenges can be a highly successful strategy and also advice to 'follow the good people'. Then panel consisted of Rob Carter (CEO, AlgoMe), Ruben Lara, Chief Data Office, Standard Life Aberdeen, and Olivia Vinden, FinTech and Innovation Practice lead at Alpha FMC. Both Ruben and Olivia are members of the Advisory Panel for Velocity, the FinTech accelerator of the Investment Association, so their excellent insight into the way that FinTech is reshaping the Industry was extremely useful, and of course credible. Luuk Jacobs chaired the panel, he is co-founder of AlgoMe and AlgoMe Consulting. Each panellist was able to share their unique views of the industry and Fintech and offer career tips too. We’ve had some excellent feedback from the audience about this as well. We are looking forward to an ongoing programme of panels and events over the coming months. If you would like to hold something similar with us at your place of work, we are happy to develop this with you as a breakfast, lunch session or evening event – please get in touch with any of the AlgoMe Community team for more info.
  22. Eva Keogan

    ESMA and FCA agreement: At long last ...

    It's made a lot of headlines over the last week and long overdue I think - something else which caught my eye was this other FCA announcement which is a very positive move too - will be interesting to see what comes out of this. Will Brexit be a catalyst for innovation? It seems it might just be Cross-border testing pilot for innovative firms open to applications | FCA WWW.FCA.ORG.UK The Global Financial Innovation Network (GFIN) – a group of 29 international organisations including the Financial Conduct Authority – is inviting applications from firms wishing to test innovative financial...
  23. Pierre-Yves Rahari

    ESMA and FCA agreement: At long last ...

    The FT reports today that the ESMA and the FCA have struck an agreement that would protect the delegation model (amongst other things ...) in case of no-deal Brexit on March 29th. Seemingly this agreement will substitute the much-discussed MoU's that have not materialised yet, so it is good news overall. This will bring some relief in the EU Asset managers Boardrooms ... The FT quotes a senior figure at the EFAMA: "Ensuring that delegation continues to be authorised as it is today is of paramount importance to asset managers," i.e. this move would allow EU Funds houses to continue delegating the management of £1.8T worth of assets to London-based portfolio managers in case of a hard-Brexit. Good news, or good news? Subscribe to read | Financial Times WWW.FT.COM
  24. An informative summary of the current mess: Brexit: Running down the clock WWW.LINKEDIN.COM Brexit is not going well. The government is about to embark on a fool’s errand to Brussels, it is running...
  25. An interesting short video on the US regulation climate: A Regulatory Perspective on Robo’s WWW.ASSET.TV The regulatory landscape continues to evolve as it tries to keep up with robos and digital advice platforms. Luis Garcia of ACA Compliance Group breaks down SEC exam focus areas and compliance
  26. Version 1.0.0


    In the last few years the wealth management industry has witnessed some impactful trends, such as a decrease in customers’ trust of traditional financial services, more interactive client experience through goals-based planning, and a shift to digital as customers’ primary channel preference for the services they receive from financial institutions. The steady rise of digital entrants into this area and the significant shift in customers’ channel preferences and spending habits have led to the development of two key groups for advice-based wealth management: software platforms that provide fully automated investment services (Robo-advisors or “Robos”) and human advisors equipped with robust automated capabilities like analytics and digital tools (“Advisor 2.0”). In this paper we look at the emergence and maturing of Robo-advisors and review these along with the traditional human-advisor-based firms and their adoption of technology advances. The incumbent firms are exploring and investing in sophisticated tools and technologies such as advanced analytics and AI to provide a richer toolkit for the advisor and enabling a more insightful experience for the customer. While Robo-advice provides an efficient platform for investing, the importance of the human element cannot be emphasized enough, as seen by the gradual convergence by both sides towards a hybrid (human + robot) approach. It remains to be seen what the model will evolve to, but it is for certain that the human element will be at the center of it. © 2018 Ernst & Young LLP.
  27. Andy Milner

    Investment Management, FinTech and future careers - Cass Business School

    Thanks to everyone who came to this event last night, and particularly to @Olivia Vinden, @Ruben Lara and @Rob Carter for being on the panel and sharing their thoughts. Was good to hear perspectives on FinTech from individuals who work in Consultancy, at an Asset Manager and run a FinTech. We'll share a few of the insights from the evening to follow. For any students or alumni of Cass, we've set up a dedicated group for you.
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