Bringing you live news and features since 2006 


Demand for chief technology officers in wealth management set to soar


Administrative service providers Intertrust have surveyed over 500 asset management professionals and found that 53 per cent predict a surge in demand for board-level chief technology officers (CTOs) in the sector over the next five years as the challenge to find senior talent to leverage disruptive technology increases.

The biggest skills gaps are in AI, regtech and compliance with 38 per cent of firms struggling to keep up with latest tech innovations.

Only 18 per cent of wealth managers believe that by 2023 most firms in their sector will have hired CTOs with a mandate to drive strategic change, particularly by harnessing the benefits of technologies such as artificial intelligence (AI), blockchain and robotics.  A further third (35 per cent) expect that a minority of firms will have done so.

The study highlighted the growing challenges faced by organisations exposed to a technology skills gap; four in ten (38 per cent) wealth managers admitted that just keeping up to date with the latest technology innovations was a challenge. The biggest skills shortages are in regtech and compliance (45 per cent), followed by artificial intelligence (35 per cent) and cyber security (30 per cent). 

Despite their predictions, the study revealed a lack of urgency to secure senior level talent; only 16 per cent of wealth managers said their firm is currently recruiting for a CTO-level role and upskilling existing staff to capitalise on emerging technologies. A further half (49 per cent) said their firm doesn’t currently recognise the need to recruit technology leaders or invest in new training.  13 per cent said that their organisations were finding it challenging to recruit tech talent, highlighting the difficulties in attracting candidates with the appropriate skill sets.

Ian Rumens, Head of Private Wealth, Intertrust says: “There is little doubt that we will see more CTOs emerge within wealth management with a clear mandate to drive transformational change.  With many firms struggling to keep up with the latest developments in emerging technologies let alone seek a competitive advantage, the question will increasingly become when, rather than whether, to make new senior hires to devise the right strategy and implementation programme.

“Firms delaying their investment in appointing new CTOs with influence at the top table, or not doing so at all, risk losing out on the best candidates and falling behind their peers. Given the competition for technology leaders from other sectors outside financial services as well as their own, the necessary skills, particularly in high-demand areas such as AI, regtech and compliance are not always in ready supply.  With the gulf in performance between digital leaders and laggards growing rapidly, firms can’t afford to be too complacent about their place in the technology revolution.”

Latest News

Figment Europe, a provider of institutional staking infrastructure, writes that it is solidifying its presence in the heart of Europe’s..
Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..

Related Articles

Jigna Gibb, Bloomberg
Bloomberg Indices has recently hired Jigna Gibb as Head of Commodities and Crypto Index Products, to lead its commodities and...
Robert Minter, director of ETF investment strategy at abrdn takes a look at passive investing in commodities and shares his...
Ryan McCormack, Invesco
This year sees the 25th anniversary of Invesco’s QQQ, the USD240 billion ETF – the fifth largest ETF in the...
The European ETF market achieved a record 28 per cent growth – reaching over USD1.8 trillion assets under management (AUM)...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by