Fund firms need talent shake-up in order to tap millennials
* Regulation driving overhaul of fund operations
* Firms boost tech spend to secure advantage
* Innovative distribution needed to draw younger clients
By Simon Jessop
BERLIN, June 9 (Reuters) - Asset managers trying to sell investment products to tech-savvy millennials need to hire younger staff who are more in tune with new ways of investing, leading industry figures say.
Financial technology, or fintech, dominated discussions at the FundForum event in Berlin this week, but to prosper from the advent of 'robo-advice', crowd-funding and other new concepts that appeal to younger investors, the industry needs a broader mix of personnel, delegates said.
"Tech developments are rarely done, if ever, by 50-year-old-plus people, of which there seem to be a lot of us, who have worked in the same industry for 20 years ... And that means hiring outside of the industry," Charles Goodman, chief executive at Edmond de Rothschild Asset Management UK, said.
In a world of low returns and the prospect of far fewer financial supports than those enjoyed by their parents, millennials - who reached adulthood around 2000 - are much more conservative about where they put their money, and much less likely to put up with poor performance.
In fund manager Legg Mason's Global Investment Survey 2016, 78 percent of millennials surveyed were more conservative/risk averse than a year ago and their exposure to equities was 9 percentage points lower than investors aged over 40. Continuación...