Funds Industry Report - Flipbook - Page 30
Pete Townsend Norio Ventures
Pete Townsend
Founder
Norio Ventures
Norio Ventures are a Dublin, Ireland-based
specialist advisory rm partnering with startup
founders and enterprise rms to develop markets, build funding and go-to-market strategies,
and amplify brands. They do their best work
when they're helping established players and
startups simultaneously.
Norio Ventures clients are representative of the
deep expertise in nancial services, including
specialties in ntech, FX, digital assets, blockchain/DLT and global capital markets. They
work with their clients in an advisory capacity or
as an independent board director.
In short, they nd economic reasons to be helpful.
Technology is moving incredibly quickly and
sion-making here in Ireland just yet. All of that
will bring massive change to the funds industry
is likely to remain in London and New York,
in Ireland.
where the natural talent pool is for those roles.
Over time, we will see some fund managers
Since the 1990’s, Ireland has built up such an
expand their trading and portfolio manage-
impressive global funds business. We’ve more
ment activities to Ireland, but the arc of this
than 30,000 people either directly employed in
skills-driven evolution is longer than most
the funds industry or in associated service busi-
people expect.
nesses, and over ve trillion dollars under
remain middle and back-ofce focused for, at
administration here. Most of what the funds
least, the next ve to ten years if not longer.
industry does is dened as ‘middle and
This poses a risk for Ireland.
I expect that we’re likely to
back-ofce operations’.
Currently, the mainstream asset management
The reality of Brexit has resulted in a signicant
community is dealing with the headache of
number of UK fund managers setting up in
regulatory overload.
Ireland. They tend to bring compliance, risk
management, and other governance-driven
There’s also a heavy web of legacy technology
roles.
that is weighing down the system. There is
complexity all over the industry; across all the
My prediction is that we’re not going to see all
different parties involved in one single inves-
that much of the trading operations, the port-
tor transaction when it comes to independent
folio management, and the investment deci-
nancial advisors, individual investors, third
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