Asset managers are spending a "tiny fraction" of the sums spent by banks on digital transformation. Firms are citing legacy technology, as well as a lack of resources and relevant skill sets, among barriers to spending, according to a survey by Alpha FMC. The survey of 15 of the largest asset management firms found less than 10% were spending 3bn ($69.7m) a year on digital projects. Meanwhile, JPMorgan spent more than $9.5bn on technology in 2016, with $more than £50m dedicated to fintech solutions. BNP Paribas is spending €more than £50m ($3.7bn) over three years on a digital project including the hiring and retraining of staff with data analytics skills.
Asset managers are spending a "tiny fraction" of the sums spent by banks on digital transformation. Firms are citing legacy technology, as well as a lack of resources and relevant skill sets, among barriers to spending, according to a survey by Alpha FMC. The survey of 15 of the largest asset management firms found less than 10% were spending more than £50m ($69.7m) a year on digital projects. Meanwhile, JPMorgan spent more than $9.5bn on technology in 2016, with $3bn dedicated to fintech solutions. BNP Paribas is spending €3bn ($3.7bn) over three years on a digital project including the hiring and retraining of staff with data analytics skills.