Page 9 - FundTech Spring 2019
P. 9


                       SKILLS SHORTAGE
                       UK FEARS FINTECH IMPACT OF BREXIT

                       FINTECH FIRMS IN THE UK are con-  ment grew by more than 154% in 2017.
                       cerned that its exit from the European   However this growth could be much
                       Union will adversely affect its ability to   reduced if firms are hit by a skills crisis.
                       attract top talent, a report has warned.   Following the Brexit vote in June 2016
                        The Fuelling Fintech report has been   there has been a significant decrease in
                       produced by TheCityUK, a promotional   the number of graduates coming from
                       agency for London’s financial services   France and Germany. At the same time,
                       industry, and recruitment firm Odgers   companies are reportedly struggling to
                       Berndsto. It concludes that fintechs and   fill roles in coding, machine learning,   MFEX ACQUIRES
                       financial services firms will have to work   artificial intelligence, blockchain and   PLATFORM FROM RBC
                       harder to develop homegrown tech   software development.    DISTRIBUTION SERVICES
                       workers in the face of likely immigration   The report suggests that the financial
                       curbs following Brexit.      services industry develops closer links   European fund distributor
                        The UK’s fintech industry employ’s   with academia and retrains existing   MFEX has completed the
                       roughly 60,000 people and invest-  staff on skills such as data gathering.   acquisition of RBC Investor &
                                                                                   Treasury Services’ (I&TS’s) Global
                                                                                   Funds Platform (GFP).
                                                                                    According to MFEX, the
                       MANAGERS FOCUS ON FRONT-OFFICE TECH                         acquisition will help create a
                                                                                   fund distribution platform able
                                                                                   to support trading, rebates and
                                                                                   data services for mutual funds,
                                                                                   hedge funds, ETFs and money
                                                                                   market funds.
                                                                                    As part of the deal, MFEX has
                                                                                   also gone live with the delivery
                                                                                   of distribution services to RBC
                                                                                   I&TS. “We are excited with the
                                                                                   possibilities that this partnership
                                                                                   will bring in reducing the
                                                                                   operational, technical and legal
                                                                                   barriers of fund distribution,” said
                       ASSET MANAGERS HAVE prioritised   wins with data and automation rather   Olivier Huby, co-chief executive
                       trading and the front office as the top   than pursuing longer-term structural   at MFEX.
                       areas of IT spending, according to the   transformations.    MFEX has been actively
                       2019 global asset management survey   The study also reveals a reduction   expanding its distribution
                       from software firm Linedata.   in the hype surrounding both robo-  capabilities, having opened new
                        The study shows the increased   advisers and blockchain.   offices in London, Luxembourg
                       importance of data, with nearly a   The proportion of managers that see   and Malaysia in recent months.
                       quarter (23%) of managers stating   robo-advice as the biggest disruptor   Huby added that going live
                       that improvements to investment   to the asset management industry has   swiftly and on schedule with the
                       strategy decision-making is the   fallen from 22% to just 7% over the   delivery of services was down to
                       biggest opportunity that could arise   past year.           the MFEX and RBC I&TS teams’
                       from data analytics.          The figure for those that see   “great teamwork, ability and
                        Another notable finding is that the   blockchain as the biggest disruptor has   collaboration”.
                       majority of managers are seeking quick   fallen from 16% to 12%.

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