Turning Tides: The World is Changing but is Asset and Wealth Management?

Tue, June 26, 2018

Disruptive Technology within Asset Management: how adaption to disruption requires a new talent model.

In this year’s PwC’s CEO survey, 69% of UK CEOs said that they believe emerging technologies – such as artificial intelligence, blockchain and robotics, will disrupt their current business models over the next five years. We asked PwC to collaborate on an event with us for the second year running. On Wednesday 13th June, we had a great morning collaborating with the asset and wealth management consulting team at PwC. The event developed some thought provoking debate and was attended by representatives from a wide range of asset and wealth management organisations.

The event was hosted at PwC’s offices at Embankment Place and was opened by Elizabeth Stone, PwC UK’s Asset and Wealth Management Consulting Lead. Following the opener, David Moloney (PwC – Director, Innovation & Transformation) and David Marriage (PwC – Asset & Wealth Management Consultant) gave a comprehensive overview on of the available technologies, outlining their potential for disruption. The overview had a particular focus on Artificial Intelligence and Blockchain and their applicability within Asset & Wealth Management. Following this, Justine Porterie (PwC – Senior Consultant, Sustainability & ESG) gave a short presentation outlining the landscape for Ethical, Social and Governance Investing with an in depth look at the current state of this market and predictions for its future.

PwC concluded by stating that “predicting the future is difficult, however it can help to imagine different possibilities”.  Their report is a useful model for tackling uncertainty and the unknown. It has six key messages for leaders:

1. Act now

2. Make no-regret moves

3. Make a bigger leap

4. Own the automation debate

5. Focus on people, not jobs

6. Build a clear narrative

Our Diversity Inclusion Director, Peter Hall, provided an overview of how the asset and wealth management sector needs to adapt its talent model to make it fit for future purpose. The overview included an examination of the challenges and opportunities that the workforce of the future will present in order to harness innovation and remain competitive. Ocean’s Diversity & Inclusive Advisory specialises in a broad variety of talent related opportunities within the investment industry.

The Firms leading the way with the technology agenda appear to be Blackrock, Schroders and M&G Investments, all of which have technology centres of excellence.  Please contact us if you wish to receive the event paper. To continue the conversation you can also make contact with us below. 

Peter Hall

Diversity & Inclusion Director, The Ocean Partnership

E: peter@theoceanpartnership.com

T: +44(0)2039098640

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D&I Metrics

What gets measured gets done. That is why we collect diversity metrics on both our candidates and clients in line with the Data Protection and Equality Acts. This allows us to identify areas requiring additional focus and also to measure progress across the industry. With biases prevalence through the employee lifecycle we actively utilize our diversity data to demonstrate where barriers exist and to create solutions to overcome them.

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Decide if you are an inclusive leader by answering the following 10 questions:

Do you sponsor someone with high potential who is from a group currently under-represented in leadership to support them in realising their career aspirations?

Do you ask those you manage or lead for feedback on the impact of your style and approach in supporting them to perform well and/or progress their careers?

Do you know the different values and drivers that motivate those you manage or lead and do you leverage these to help improve performance?

Do you challenge others if their behaviour or actions do not support inclusion and diversity?

Are you aware of the stereotypes, assumptions and judgements you make about different groups (unconscious bias) and what you can do to minimise the potential negative impact of these?

Do you involve and encourage those you manage or lead to identify problems early on, come up with solutions and improvement ideas?

Does your team reflect diversity in its demographic make-up, background and perspectives and do you leverage this to avoid group think?

Are you clear how inclusion and diversity can help you meet your own and the wider organisation’s business goals?

Do you help those you manage or lead understand the bigger organisational and strategic picture and their role within this?

Do you mentor others, including women and people from minority backgrounds and check that your approach meets their specific needs?