SocGen employs AI for performance reporting

first_imgSociete Generale Securities Services (SGSS) has partnered with a French financial technology company to introduce automated performance commentaries for its asset management clients.The fintech firm, Addventa, uses artificial intelligence (AI) techniques to draft portfolio management commentaries in a range of languages and covering specific time periods, based on data from SGSS’ analytics tools.In a statement, SGSS said the new service would help fund managers and investment teams to meet their regulatory reporting requirements and free up time for staff to spend on other work.Damien Jamet, head of transformation and innovation at SGSS, said: “This partnership is another illustration of Societe Generale’s open innovation and partnership approach with the fintech ecosystem.” SGSS has joined a growing list of companies exploring uses of AI and related technologies to improve financial products and processes.Most recently, Japan’s Government Pension Investment Fund published a report that suggested using AI could improve its analysis of manager performance and inform its selection process.Dutch asset manager NN Investment Partners hired a head of AI investing in September. Rani Piputri has been tasked with overseeing the company’s 16 investors, data scientists and researchers running €11bn across several factor investing strategies.Earlier this year, the Finnish Centre for Pensions ran tests that suggested AI technology could predict — to some extent — which individuals would take early retirement on health grounds.In tests, the technology managed to identify four out of five retirees taking a disability pension two years before they had actually done so, the centre said.last_img read more

Asset managers seek to close 31% gender pay gap

first_imgChris Cummings, chief executive of the IA, said: “The publication of gender pay gap figures is opening up important conversations in boardrooms around Britain about how we recruit, promote and retain a diverse talent pool. The bottom line is clear: firms with a diverse management team and pipeline make better decisions.” State Street’s ‘Fearless Girl’ statue was moved last month from Wall Street in New York to Paternoster Square in London, close to the London Stock ExchangeThe IA’s ‘Closing the Gap’ report describes 15 projects being implemented by the industry to address the gender pay gap and diversify the sector. These are based around three core themes: attraction and recruitment, retention, and advancement.Some plans introduced by IA members included offering support early on in womens’ careers, such as female recruitment days and gender-focused insight days. Asset managers have also introduced requirements for gender-balanced short and long lists when recruiting for a role, and name-blind CVs.“The sobering gender pay gap figures – as opposed to unequal pay which is illegal – published for the first time last year were never going to be fixed overnight, and it will take time for the solutions that our industry [is] pursuing to bear fruit,” said Cummings.“But it is only by investing in long-term solutions that we can hardwire diversity into the foundations of our industry and help it become more diverse, inclusive and more successful, at every level.”The report suggested that companies should implement strategies to increase balance in pay and employment between genders, such as gender representation for new candidates and monitoring the number of applications received by gender each year.The IA said that two thirds of members surveyed conducted equal pay audits and monitored gender related metrics, but the level of detail of these varied widely from firm to firm.How asset managers are shaping up on gender pay gapsData reported by some of the UK’s largest asset managers (or their parent companies) shows positive progress on addressing the gender pay gap since the first reports last year.Median gender pay gap (%)Chart Maker* Goldman Sachs UK Limited, a separate legal entity, had a median salary gap of 19.5% in 2018, down from 20.2% a year earlier. ** 2017 data based on pre-merger Aberdeen Asset Management. Standard Life Investments reported the same figure.Median gender bonus gap (%)Chart Maker* Goldman Sachs UK Limited, a separate legal entity, had a median bonus gap of 35.8% in 2018, up from 30.5% a year earlier. ** 2017 data based on pre-merger Aberdeen Asset Management. Standard Life Investments reported a gap of 53%.The Pension Protection Fund – the UK’s lifeboat fund for defined benefit pension schemes – reported its gender pay gap in February. The median measure for salaries fell from 20.4% in 2017 to 17.2% in 2018. However, the median bonus gap increased year on year, from 24.1% to 30.6%.Katherine Easter, chief people officer at the PPF, said the organisation was “still a long way from where we want to be”.“This year’s results tell us that we must continue working hard to increase the pipeline of talented women in our organisation,” Easter added.“Our gender pay gap is largely driven by the number of men in our investment team relative to women and the way specialist skills in that area are rewarded. The other main reason for the gap is that we don’t have enough women in senior roles.“We’ve made progress on our target to have 40% female senior leaders by 2021. We’re focusing on growing our own pipeline of talent to achieve this.”Additional reporting by Nick Reeve UK asset managers have reported a median pay gap between men and women of 31%, according to a report published today.The Investment Association (IA), which represents the UK’s £7.7trn (€9trn) asset management sector, published the data ahead of the deadline for UK companies to report on the pay gap between men and women at their organisations.The IA said a significant contributing factor to this gap was the lack of women in senior positions.Its member survey found that only 11% of respondents reported having a female chief executive or chair of a supervisory board, while women made up 38% of total employees working in asset management.last_img read more

‘Nigerians Need Time to Catch up with East African Marathoner’

first_imgTimbilil however have a word of advice for the two Nigerian road runners: “It will take many years of consistent hard work and competitions for Nigerian and indeed West African road runners to get to the level attained by the East Africans in road races.”She however welcomed the idea of Nigerians embracing marathons and road races since Kenyans too are also moving into short sprints, throws and jumps,“The more the merrier, it will be great to have Nigerians on the international marathons and road races circuit, they are our brothers and sisters, that means more money for Africans and Africa from the highly lucrative road running circuit.”The Kenyan runner posited that for Nigerians to join the global elites, they need to have more marathons at home.“The Access Bank/Lagos City Marathon is not enough; you guys need more races at home and a developmental programmes that will start at the school level.”Timbilil who placed second at the last edition of the Access Bank Lagos City Marathon is determined to win the ultimate prize at this year’s edition.She made her marathon debut in 2008 and her first major race of 2010 came at the Roma Ostia Half Marathon which she won in a time of 1:10:34, beating home favourite, Rosaria Console.Two years later at the 2010 Amsterdam Marathon she was among the leaders from the start and by the 35 km mark she had outrun the field, eventually winning the race by a margin of two minutes with a personal best of 2:25:03.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram ACCESS/LAGOS MARATHONTop Kenya marathoner, Alice Timbilil, yesterday praised the courage of two Nigerian marathoners, Oluwaseun Olumide and Ronke Olumudi who have vowed to win the ultimate prize of $50,000 at the February 11, 2017 Access Bank/Lagos City Marathon but was quick to add that such wishes remain mere dream for now.With a personal best of 2:25.03, Timbilil who was second at the 2016 edition of the Access Bank /Lagos City Marathon in 2:38.49, said: “The feats of British runners like Paula Radcliff, the Japanese, the Chinese and even the Americans have shown that one does not need to be born in high altitude, be a Kenyan, Ethiopian, or East African to excel in marathons and road races but it does not happen overnight.last_img read more