Asset managers are the best placed companies to benefit from the rise of robo-advice, but they need to act to prevent new start-ups stealing their clients.
That is the warning from Aberdeen Asset Management chief executive Martin Gilbert, who also admits that the company’s purchase of a UK platform and robo-advisor has ‘turned out better than I thought’.
But technology needs to be run independently within the overall business, he believes, to avoid the risk of the asset manager ‘wrecking it’.
The latest installment of the series, recorded during candid discussions held at Citywire’s London HQ and chaired by Citywire executive chairman Lawrence Lever, also sees the CEOs discuss technology more broadly.
They look at how the industry needs to improve the customer experience, as well as what it means for active managers. Is the rise of ‘big data’ helpful to investors or does it risk just becoming ‘big noise’?
The four CEOs interviewed were:
· Martin Gilbert, Aberdeen Asset Management
· Richard Buxton, Old Mutual Global Investors
· Anne Richards, M&G Investments
· Hendrik du Toit, Investec
This is the third edition of a 10-part series and you can catch-up with the second episode: ‘The CEO tapes: the only reason you get fired is relationships’. You can also see the first episode here: ‘The CEO tapes: the ‘laddish’ fund manager culture’.