Final Tech Report HD - Flipbook - Page 20
A conservative estimate points to at least 10% of roles in the
funds industry in Ireland being at risk in the medium term, and
that’s just with transfer agency. As transfer agency is the ‘least
common denominator’ of the funds industry, its
transformation will enable the majority of middle and back
office operations to follow suit.
We’ll need to look to reuse, to retrain, to give people new
capabilities as technology is moving incredibly quickly. If we
don’t move faster, Ireland is going to be on the receiving end of
it, and it will be done to us here if we don't move quicker to
embrace new business models.
The funds industry is so well-established in Ireland. So many
people have jobs and career-advancing opportunities based on
existing business models. Without a well-informed vision on
the future of the funds industry, there is little incentive to
change, especially with the long-standing leadership of the
funds industry across multiple firms approaching the last 5-10
years of their careers.
Furthermore, being an operationally-focused industry, most of
those with strategic business model and technology
responsibilities for Ireland’s biggest funds industry employers
are based elsewhere. They're in the major centres, driving this
change forward, in places such as New York and London.
Technology change has taken over and we must not get left
behind. There are huge opportunities to leverage this change
in Ireland, but it requires a conscious effort and it requires
discipline. We must be focused and we must be in it for the
long-term.
All of us who have worked in the funds industry in Ireland for a
long time want there to be something left to hand over to our
kids – let’s get started.
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