Asset managers in Europe are faster to adopt technologies than their sell-side counterparts because CEOs in the industry understand the importance of technology within the business, according to a survey of 200 IT executives working in the financial services sector.

The survey, carried out by Excelian, Luxoft Financial Services reveal that 87 per cent of IT executives working for wealth and asset management firms believe their CEOs understand the importance of technology within the business. In contrast, 75 per cent of IT executives working in banking and capital markets are frustrated by a lack of understanding of technology in the boardroom.

On both the buy-side and sell-side, most firms still understandably spend most of their technology budgets on implementing regulatory compliance and cyber-security systems. The top priority for technologists working on the buy-side is moving the business onto the cloud – 81 per cent agree this is a strategic priority, whilst 76 per cent also believe improving automation is a high priority.

Whilst both IT departments on the sell-side and buy-side are concerned about a lack of investment in technology, the frustrations are more acute in banks – 86 per cent of respondents working for banks complain about a lack of investment in IT, compared to 77 per cent of those working on the buy-side.

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