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  • Luuk Jacobs
    Luuk Jacobs

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    Announcing our new report - The Disrupted Career: Fintech, Innovation and the Future of Careers in Investment Management

    The adoption of FinTech will bring significant changes for the future of Investment Management - from which products are offered to clients and how they are delivered, to the overall structure of the Industry itself. This level of disruption will also impact the future careers of the individuals working in or entering the Industry today.

     

    According to the European Fund and Asset Management Association (EFAMA), there are 610,000 professionals employed directly or indirectly across Europe in the Investment Management ecosystem, with over 100,000 in the UK. Which of these roles could disappear over the next couple of years, where are the opportunities and how should you navigate the disruption?

     

    In our latest report, The Disrupted Career: FinTech, Innovation and the Future of Careers in Investment Management, we explore how FinTech is changing careers across the industry, and how professionals are being impacted by and are responding to these changes.

     

    DOWNLOAD THE REPORT

     

    Disrupted Career Paths


    Our report found that very few areas within Investment Management will not be impacted by technological change; the career paths of the future will be radically different. 

     

    Professionals will need to embrace a more flexible approach to career planning. In addition, future job growth and progression opportunities will be concentrated in FinTech and in roles driving innovation in existing Investment Management functions.

     

    Twitter 2b 52 affected by FinTech.jpg

     

     

    Will We All Be Coders?

     

    Many professionals will need to develop more technical skills, and not just in traditional technology roles. Even where ‘hard’ skills around coding, AI and data science will not be important, there will be an expectation that professionals will have a more holistic view of how technology underpins the business.

     

    Twitter 3 60 skills.jpg

     

    However, this will not negate the importance of soft skills, and blending skill-sets will be critical for the most successful teams and individuals.

     

    With the industry expecting strong growth with a target of doubling of AUM over the next decade, those who position themselves to embrace the coming changes can look forward exciting opportunities.

     

    To find out more, please read the full report.

     

    DOWNLOAD THE REPORT

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  • Our picks

    • FSTP LLP in partnership with AlgoMe invite you to a lunchtime round table discussion on the most pressing issues in today’s industry; digital skills shortage and the apprenticeship levy
       
      Introducing your hosts:
      FSTP LLP, a Main Provider for Apprenticeships offering Financial Services, Leadership and Management Apprenticeships, will be on hand to share insights and experience AlgoMe, the community for the Investment Management industry, connecting professionals from Asset Managers, Wealth Managers and FinTechs with their wider industry ecosystem will be on hand to discuss skills and transformation in the industry  
      The event:
      12.30 - 12.50
      Your co-hosts Rob Carter and Andy Milner, AlgoMe will give an overview of demand for retraining and tech skills, based on the latest AlgoMe report; The Disrupted Career: FinTech, Innovation and The Future Of Careers In Investment Management Followed by Philippa Grocott and Nicola Spennati from FSTP LLP, will give an overview of opportunities for using the apprenticeship levy and how to do so effectively within the industry sector 12.50 – 14.00 Group discussion over lunch
       
      Attendance is limited and on a first come first serve basis. Please contact andy.milner@algome.com if you would like to attend.
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    • The Disrupted Career
       
      Welcome To The AlgoMe Report On FinTech, Innovation And The Future Of Careers In Investment Management
       
      This report aims to address key questions that are important to everyone working in or looking to join the Investment Management Industry.
       
      How significant will the impact of FinTech be on career paths? How likely is my current role to be affected? Where are the opportunities in this disruption? How can I best position myself for future success?  
      We asked a panel of Investment Industry professionals their views.
       
      The full report is available for download to all AlgoMe Community members. Not already joined? Becoming a member takes less than a minute.
        • Like
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    • With the decorations up, the last order date for Amazon nigh and most of us looking forward to at least a few days break, it’s always a good time to take stock of what’s been achieved over the last 12 months.
       
      For AlgoMe this has been another exciting year.
       
      January started in style with the launch of the AlgoMe Careers mobile app – giving professionals the opportunity to find their next career opportunity on the move.
       
      Then in July we released our Industry Pulse Report – a check on what the industry was thinking about key topics such as Brexit, Pay Gap Reporting, MiFiD II and GDPR. Unfortunately it seems that the uncertainty that the industry was feeling due to Brexit is unlikely to have receded in the intervening period, but it’s good to see progress starting to be made in other areas such as gender and diversity.
       
      In September we launched AlgoMe Community – a place for the Investment / Asset Management industry to come together, providing professionals with ways to grow their knowledge, profile and network. We’d like to say a big thank you to all of the members that have joined and contributed and look forward to continuing growth in 2019.
       
      In November AlgoMe joined the Investment Association, becoming a Fintech member and working closely with Velocity, the Association’s new Fintech accelerator. This is a really exciting initiative and we’re looking forward to doing more with Velocity in the near future.
       
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      As we go into the end of the year, we have also launched our survey on Investment Management, Fintech and the future of careers. The impact of Fintech on the industry is going to accelerate rapidly in 2019, but what has been less well documented is the impact on individuals, their careers and the skills they’ll need to succeed in a more digitised environment. We really value the input of our community members, so please spend a couple of minutes filling out the survey and we’ll make sure you’re the first to hear the results early next year.
       
      From me and the AlgoMe team, I wish you all a very happy holiday season and look forward to another year of exciting announcements and change in 2019.
       
      Rob
       
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    • I have always struggled to see a fair reason why employers should be allowed to ask about a potential hire’s current remuneration, other than to give them an advantage in pay negotiations.
      It’s something which can only exacerbate existing pay inequalities and  it’s abolishment can surely only be a positive thing.
      Here the Guardian argues specifically about its impact with regards to the gender pay gap:
      https://www.theguardian.com/commentisfree/2018/aug/23/gender-pay-gap-current-salary-question
      I believe this has already been outlawed in some US states?
      @Jonathan Max - would be interesting to hear the view from HR. 
      • 10 replies
    • The Investment Association recently gave the industry a boost when it announced the launch of Velocity, its FinTech accelerator.  Designed to identify, develop and accelerate best in class firms with innovative solutions, Velocity will champion and facilitate the wider adoption of technology across the industry.
       
      And AlgoMe will be involved in this too, which is why I’m excited to announce we are now a member organisation of the Investment Association as an official FinTech member and have been named a "company to watch" by Velocity.
       
      Challenging Times
      The Investment Management industry faces major challenges and opportunities from forces such as digital technology, pressure on fees and increased regulation, while at the same time there are widespread changes in the workforce and their expectations.
       
      To date, Investment Management has both been fairly insulated from the challenges posed by agile FinTech competitors, but also distant from the opportunities offered by the new technologies and ways of thinking that such companies bring.
       
      Bringing FinTech closer
      Velocity is a fantastic step towards accelerating the adoption of FinTech. It has received support and endorsements from both inside and outside the industry, including from the Chancellor of the Exchequer, Phillip Hammond, who was enthusiastic about the initiative at a recent City event.
       
      To drive change and innovation, the industry needs to connect across different disciplines and areas of expertise, driving new ways of thinking and fostering cultural change.
       
      Without the benefit of emerging FinTechs and their external expertise, it will be hard for incumbents to harness the benefits of emerging technologies such as Straight Through deal Processing (STP), Distributed Ledger Technology (DLT), and Artificial Intelligence (AI) in areas such as risk and compliance, securities trading and investment decision making.
       
      Our Mission
      AlgoMe's mission is to connect the Investment Management industry and empower professionals to manage their careers. Our new product, AlgoMe Community, is placed to become the hub for the discussion between FinTechs and the companies and professionals in the wider Investment Management ecosystem.
       
      Join AlgoMe Community today
       
      AlgoMe Community - community.algome.com
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  • Related Content

    • Jonathan Max
      By Jonathan Max
      Innovation is changing Investment Management. The Investment Association highlighted rapid technological change in its recent industry report
       
      Day by day new technologies like blockchain, machine learning and artificial intelligence are revolutionising the industry. It also encourages professionals to keep learning and adapting, invest in new skills, and be tech-savvy.
       
      With this acceleration of technology adoption and the changing nature of work; what exactly is the human element for the future of careers in Investment Management as it embraces Fintech? 
       
      Forbes points the way very clearly in its Six Innovation Leadership Skills Everybody Needs to Master article; that being innovation and ‘the need to bring people together as a team. The need to demonstrate deeper empathy. The ability to get new things done.’
       
      Technical skills can be learned, but a person’s motivators and behaviour style are typically more difficult to acquire and learn. This means it is imperative Fintech firms do not (or should not) make hires based on a candidate’s technical skills alone. 
       
      So why exactly are these softer skills relevant to Fintech and Innovation?
       
       
      Mindset
      FinTech professionals are required to have the analytical and critical thinking skills needed to help them find creative solutions to such problems, this Innovation Mindset will be essential to succeed in the dynamic nature of FinTech. The ability to collaborate effectively with others build relationships and demonstrate critical thinking will be in demand more than individuals who just ‘major’ on technical skills alone.
       
      Flexibility
      It has been predicted traditional Investment Management roles will soon become obsolete with estimates of their demise ranging from 5 to 20 years. For those considering transitioning from a more traditional role into Fintech, technology skills are not all that is required. A need for an adaptable and flexible approach to ensure cultural alignment in what can be very different working environments is essential. This applies equally to what individuals earlier in their careers need to be thinking about when they approach career planning plus hard and soft skills development. 
       
      Soft Skills
      The good news is soft skills is the topic most pursued across all career phases among the Investment Management industry. As we see the blending of industries - Fintech and Investment Management – it will be just as important for Fintechs to identify the need for people with strong soft skills so they may build the innovative, appropriate culture to enable growth of sustainable and healthy businesses.
       
      There is so much positive energy and progress across the sector and many great success stories. But, when the ‘human’ element is misaligned the outcomes can be spectacularly detrimental  - reports in the media about Revolut ‘where turnover and toxic behavior is rife’ are a case in point.
       
      What is evidently clear, soft skills are not ‘nice to have’ but essential for both employees and organisations to embrace so they may effectively navigate the future of the Industry and the opportunities ahead.
       
      We’ve looked at this in depth in our latest industry report. To find out more about our view of what’s to come, please download and read the AlgoMe report: The Disrupted Career: FinTech, Innovation And The Future Of Careers In Investment Management.
       
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