Some of the world’s largest asset managers are spending an average of £15m a year on projects to digitally transform their businesses — a tiny fraction of the huge sums their banking counterparts are devoting to similar projects. According to Alpha FMC, which surveyed 15 of the largest global asset management firms collectively managing £7tn, fewer than 10% are spending in excess of £50m a year on digital projects. These include developing client-facing websites, providing more data to support sales teams, building client...
Asset managers are spending a "tiny fraction" of the sums spent by banks on digital transformation. The report also found that only about half of those who use blockchain to create new products and services have done so for financial services.