Asset management executives are apparently undeterred by an exodus of employees to tech firms, suggests a recently published study.

Research from Accenture showed that more than 70% of UK asset management executives noticed an increase in the number of employees departing for roles in the tech sector.

Yet 95% of the 200 surveyed executives believe that their existing talent pool will enable them to be successful over the next three to five years.

The study also found that just 9% of respondents ranked talent acquisition as a primary area for investment, as opposed to the 45% that identified technology as the top investment priority.

The effect of the pandemic on working practices was also played down by the majority of respondents. Almost two-thirds stated that their firm’s return to work policies did not factor in lost talent.

“These figures suggest that asset managers seem undeterred by the rise of talent leaving the asset management sector,” said Chris Low, Accenture’s UK asset management lead.

However, they cannot ignore the fact that the pandemic has led many to reflect on their future careers, he added.  

“Individuals across all levels are seeking new opportunities and many are pursuing jobs in the UK’s thriving tech scene, where there is demand for people that understand business to come and work for exciting and innovative brands,” said Low.

Asset managers’ views on new technology were also covered in the study, which found that almost half (45%) of respondents say their firm is resistant to new technologies.

This is despite a wide acceptance that new technology will have a significant short-term impact on the industry. Two-thirds cite the prospect of big tech firms being the most likely disruptors, and 50% say that artificial intelligence will radically impact investment decision-making in the next three to five years.

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