thewealthnet     About Us    |    FAQs    |    Contact Us
 
  Search
 
     
  Advanced Search       RSS Feed  twitter  linkedin 
Welcome to thewealthnet    |   Europe, Middle East & Africa Get The App   |   Login
  Sat 16th Feb 2019  |    Make this my homepage  
Subscribe now!
Credit Cards Accepted
World Map
    
Wealth firms blase in face of tech talent shortage
13/12/2018 , News Team

Many wealth management firms are struggling to keep up-to-date with technological developments, yet few see the need to invest in people skilled in technology.

A survey of 500 executives in asset management, capital markets and private wealth showed 38 percent found keeping up-to-ate with technological change to be “a challenge”. The study was conducted by Intertrust, an administrative services firm.

Forty-five percent said they had a skill shortage in regtech and compliance, 35 percent in artificial intelligence, and 30 percent in cyber security.

Of the respondents, 16 percent said their firm is currently recruiting for a CTO-level role and upskilling existing staff to capitalise on emerging technologies.

A further half 49 percent said their firm does not currently recognise the need to recruit technology leaders or invest in new training, while 13 percent said their organisation found it hard to recruit tech talent.

Only 18 percent believe that by 2023 most firms in the sector will have hired chief technology officers with a mandate to drive strategic change, though another 35 perccent said the minority of firms would do so.

Ian Rumens, head of private wealth at Interturst, said he thought there was “little doubt” that demand for chief technology officers would grow.

With many firms struggling to keep up with the latest developments in emerging technologies let alone seek a competitive advantage, the question will increasingly become when, rather than whether, to make new senior hires to devise the right strategy and implementation programme,” he said.

Mr Rumens said firms that waited risked losing the best talent or falling behind peers.

“Given the competition for technology leaders from other sectors outside financial services as well as their own, the necessary skills, particularly in high-demand areas such as AI, regtech and compliance are not always in ready supply,” he said.

Intertrust describes itself as an administrative services company working with “clients operating and investing in the international business environment”.

Share with Linkedin Share with Twitter
 RATE THIS ARTICLE
Poor   Average   Good   Excellent
thewealthnet archives contain 51,103 articles dating back to 1997,making it the largest single source of information on the wealth management industry world-wide. To search for more articles, please click here.

 

© This article originally featured on thewealthnet. It is protected by international copyright law. If you copy this article illegally, you will be liable to prosecution. All rights in and relating to this article are expressly reserved. No part of this article may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the publishers.

 
    Latest Headlines:    by Topic | All News
 
  Advertise   |   Contribute   |   Press Release   |   Terms of Use   |   Privacy   |   Contact Us Copyright Pam Insight Ltd., All Rights Reserved