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 . 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 ##rms . The survey of 15 of the largest asset management firms found less than 10 % were spending more than £ 50 m ( $ 69.7 m ) a year on digital transformation . Meanwhile , banks spent more than $ 9.5bn on technology in 2016 , with $ 3bn dedicated to fintech solutions . BNP Paribas is spending € ##500 ( $ 3.7bn ) over five years on a digital project including the hiring and retraining of staff with data ##set skills .