Aberdeen Asset management has strengthened its position in the burgeoning “fintech” sector with a high profile new hire.
Martin Jennings has joined the firm in the newly created role of Head of Aberdeen Digital to lead its efforts to capitalise on the changes which new technology are bringing to the fund management industry.
He will also lead Aberdeen’s newly acquired Parmenion business, which has been listed among the “Fintech 50”.
Mr Jennings, who led the UK and Euopean business of platform technology firm FNZ in Edinburgh, said traditional financial services companies should see fast changing technology-led “disruption” of the industry as an opportunity and not a threat.
He said: “Fintech describes the fast growth industry that has sprung up to use technology to improve efficiencies within all aspects of financial services.
“They have historically been seen to as ‘disruptors’ offering innovative technology solutions to solve problems and challenge existing models within financial services.
“Fintech companies have traditionally been start-up firms that initially focused on providing a solution to a single problem but are rapidly expanding their offering to other areas of the industry.
“Financial services is changing very rapidly. Not least because digital technology is forcing companies to change what they do; and other companies are emerging, like Parmenion, whose success is down to embracing new technology. Aberdeen wants to be one of the leaders as the world of asset management is challenged, seeing disruption as more of an opportunity rather than a threat . The changing landscape and Aberdeen’s ambition make this role unique.”
Mr Jennings will report to Aberdeen chief executive Martin Gilbert and Iain Plunkett, the firm’s chief operating officer & chief technology officer, and will join the board.
Mr Gilbert said: “Martin’s recruitment emphasises further Aberdeen’s commitment to capitalise on the huge technological change the asset management industry is facing and our desire to place platform services at the heart of our business model. In creating a distinct division, we aim to create a culture that can foster innovation, agility and client services.”
