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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.
       
      We also launched our Mentoring matching service in November – designed to help AlgoMe Community members connect with the best individuals within the community to help them to reach their career goals using a simple but intelligent process. If you haven’t already signed up to be a mentor or a mentee, please do spend 5 minutes now and tick off a New Year’s Resolution early.
       
      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
      AI is coming for you: One in three City of London jobs at risk from automation - CityAM
      WWW.CITYAM.COM More than one in three jobs in the City of London are under threat from automation, a study has found. [...]  
      The buzz this week has been back on Crypto; rising Bitcoin and the launch of Libra.
       
      Do you think that up to 33% of jobs could really be at risk from AI? - or has the Office of National Statistics overshot somewhat?
       
      Read our survey to find out more
       
    • AlgoMe
      By AlgoMe
      As more asset managers acquire –or develop- Artificial Intelligence (AI) and Machine Learning (ML) solutions to maximise their alpha generation, market growth and operational cost reduction; it is clear that the industry needs to prepare to face the future challenges these solutions will bring when they become mainstream. 
       
      Are you prepared for AI implementation?
      Do not miss out on this unique opportunity to discuss how AI will impact key business areas while creating greater opportunities for the asset management community.
       
      https://www.theia.org/events-training/event?eventtemplate=204-techtalk-new-frontiers-how-ia-is-transforming-asset-management&event=416
       
    • Luuk Jacobs
      By Luuk Jacobs
      The event will be focused on data, operations, blockchain, compliance, legacy, regulation and AI.
       
      European FundTech Lab London, Spring 2019
      WWW.EVENTBRITE.COM Funds Europe in conjunction with Amundi Services, Calastone, Metrosoft, Milestone Group and Oracle will be hosting the fifth European FundTech Lab forum which will be taking place in London on Thursday, 16 May 2019...  
    • Luuk Jacobs
      By Luuk Jacobs
      The FCA has now recognised the increased use of big data and AI across the Investment Management and banking value change.  It is aiming to better understand the impact it has and will have, the benefits and harms and implications for regulation. One of their focus points in their 2019 Research agenda on the theme of technology, big data and artificial intelligence (AI) is the economics and ethics of this theme.
       
      The economics of the use of big data and AI in general are already quite well understood. They have changed the way of doing business and generating value enormously. Industries have been and continue to be disrupted; examples like Amazon, Apple, Facebook, Uber and even Microsoft have shown how the philosophy of platforms has moved us from single supplier mentality to open marketplaces.  These places where producers and consumers come together in interactions that create value for both parties, whether it is peer to peer or direct to consumer and disrupt the existing status quo.
       
      Platforms are not an entirely new phenomena as it has existed already in traditional open air market places around the world or for example in stock markets. What is new, is the addition of digital technology enabling platforms to enormously extend their reach, speed, convenience and efficiency.
       
      I would argue that the real impact of big data and AI has not hit Investment Management yet. Yes, there is robo-advice providing digital financial advice based on mathematical rules or algorithms (examples like Nutmeg). The majority of them however have been struggling to make their platform economically viable and according to a Deloitte report robo-advisers would need around £6bn assets under management to generate enough revenues to cover their costs. Nevertheless, also Investment Management is at the start of using big data, blockchain/ Distributed ledger technology and natural language processing. The benefits are seen already in better informing (investment) decisions, driving operational efficiency and fraud prevention and compliance.
       
      Arguably lesser known are the potential ethical impacts that will be associated with the use of these technologies while companies move from the traditional commercial yardsticks to include ethical and value-based decision making.
      The established players like Facebook and Alphabet (through the accusations of distributing fake news), Uber (sexual harassment and leadership style), AirBnB (destroyed properties from their users), have and continue to show that the ability to embed ethical awareness and decision making across functions will emerge to be a key attribute of successful digital organisations. The Investment Management industry is to be warned.
       
      Governments are stepping up (the FCA research agenda aims at looking at the implications on regulation) and, for example, GDPR is a first step. Nevertheless, the industry should not be waiting for governments and regulators to step in. I would argue that especially in an industry like Investment Management which is based on trust, companies that put ethics and morality front and centre of their organisation and especially with regards to big data and AI, are more likely to engender the trust of customers and differentiate themselves from competitors in the market.
       
      So what are the ethical questions ‘big data and AI’ that should be asked?  
       
      Can artificial intelligence exacerbate, hide and create unintended biases? Do network effects reduce competition and, in turn, impact consumer choice? How can we be accountable for big data? How do we define big data? How do we adjust risk management frameworks? What are the benefits and, more importantly who will benefit and who might be at risk by this?  
      According to Charles Ellis, CFA, and chair of the Whitehead Institute, Cambridge, Massachusetts, the “biggest challenge” with regards to ethics for the investment management industry is to “find the pathway to reassert the dominance of the profession over the business”; an inherent conflict of interest in the Investment Management business as they are supposed to deliver financial performance both to their owners and their clients. 
       
      Regulation is in the end already in place and leaves little room for ambiguity ie to treat the clients in a fair and ethical way with the general principle to always put the clients’ interest first (AIFMD, UCITs IV and MiFID II).
       
      It is up to the industry now to ensure that these principles are followed and embedded when using big data and AI.  There is no magic pill for it yet, but the market shapers and early adopters will show how easy or difficult this might be.
    • Luuk Jacobs
      By Luuk Jacobs
      More and more technology is becoming available that will tackle bad behaviour at source. An FT article (March 25, Risk Management) it is described how Artificial Intelligence is being used to monitor not just the emails of staff, but equally phone calls for what is being said but equally for the tone of these communications and the change of this tone. Combine this with personal external date available on individuals like for example credit scores and HR reviews and you can imagine that behavioural patterns can be formed that could be used to prevent fraud.
      IA and machine learning is not about implementing specific rules that tend to create mainly false positives or equally worked around when understood, but about learning over time and ability to adapt much more quickly. This can all result in identifying the employees with the motive or predisposition to commit fraud but could probably equally be applied to clients (where GDPR rules would allow this). In an environment where indeed compliance departments seem to be receiving an overkill of false alerts for potential fraud, reducing this number alone has significant cost benefits and equally motivation benefits for those staff that spend their time trying to find the needle in the haystack
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