The world of work is changing and the investment management sector has come under fire for its lack of diversity and to look like their clients and customers they serve. In order to retain the competitive advantage of the industry in a global environment, it is widely accepted that investment managers need to attract from a wider pool of talent.
The Investment20/20 Annual Conference is an ideal gathering to explore and debate how the sector can positively disrupt the early careers space to attract, develop and retain diverse skillsets and perspectives into the business.
Joined by The Rt. Hon Justine Greening MP to highlight the importance of the role of Social Mobility Pledge and how the sector can respond along with industry speakers.
Effective analysis and use of data has never been more important for our sector with firms now moving to optimise existing frameworks and implementing new infrastructure to create investment and growth opportunities. Be it structured, unstructured, traditional or alternative data, the implications and advantages for asset management are now becoming far reaching.
This TechTalk will review the current market position and provide valuable insights on the future application of data and the emergence of new tech as it applies across the value chain.
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?
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.
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.
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.
Opportunities for asset management in a rapidly changing world.
Join us at The Investment Association’s Annual Policy Conference 2019, the IA’s flagship event and one of the most influential platforms for debate about the future of asset management in the UK. This year's conference will focus on how the industry can capitalise on growth opportunities and overcome the imminent challenges in a rapidly changing world.
High level speakers will provide key insights on how the asset management community can utilise technology and innovation in order to deliver better outcomes for consumers; attract the best talent pool in a dynamic world of work and maintain the UK financial services industry’s global influence in a post-Brexit era.
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.