Robo-Investing Europe by Robo-Investing

LETâ&#x20AC;&#x2122;S TALK DIGITAL

EUROPE 2016

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LET’S TALK DIGITAL

EUROPE 2016

CONTENTS INTRODUCTION TO ROBO-INVESTING EUROPE 2016

AGENDA

EXPERT OPINIONS & VIEWS

KEYNOTE SPEAKER PROFILES

MODERATORS

PANELISTS

ABOUT US

ROBO INVESTING EUROPE 2016

Headline Sponsor

EUROPE 2016 Sponsors & Partners

Founder, Anthony Christodoulou It gives me great pleasure to welcome you to Robo-Investing Europe 2016 - the first conference dedicated to robo-advice and digital wealth. I believe that what brings us all here today is a shared vision and united ambition to advance and improve the investment landscape for investors, advisors and the wider financial community. We are at the early stages of a transformational period that is combining state-of-the-art technology with the latest thinking in modern investment management. Here today amongst us are the entrepreneurs and forward thinkers driving change within both start-ups and larger institutions. We have assembled designers, fund managers and technologists, all collaborating to develop solutions that push the boundaries of efficiency, cost, scale, performance, and the experience of managing and investing money. I would like to thank Level 39 for being our hosts today. They are Europeâ&#x20AC;&#x2122;s largest technology accelerator space for finance and do a tremendous amount to support young companies and bring ideas to life. I also wish to extend my gratitude to our 36 speakers today, all of whom have worked tirelessly to put together an agenda which I hope will be thought provoking and above all, inspire us to continue to build exciting businesses. And lastly, a thank you to our sponsors and partners who have made today possible. Anthony

ROBO INVESTING EUROPE 2016

Morning 8:15

Welcome Note

Afternoon Registration and breakfast

Panel

How Digital Empowers Asset Management: Automation and Outcomes

14:15

Moderator: Pauline Skypala, Freelance Journalist Panelists: Shaun Port, Nutmeg Michael Greuner, BlackRock Clarisse Djabbari, Lyxor Asset Management Manooj Mistry, Deutsche Asset Management Victor Haghani, Elm Funds

15:15

Break

Panel

How Widespread are Digital Solutions: Retail Banks and Advisors.

15:45

Moderator: Monica Woodley, The Economist Panelists: Roberto Ferrari, CheBanca! Chris Williams, Nationwide Andra Sonea, Lloyds Banking Group Matteo Cassina, Saxo Capital Markets Karan Shanmugarajah, Wealthkernel

16:30

Break

Panel

The Impact of Regulation FAMR, Regtech and Sandboxes

16:40

Moderator: Anna Lane, Wisdom Council Panelists: Jonathan Gee, BlackRock Mahrie Webb, Simmons & Simmons Richard Theo, Wealthify Paolo Sironi, IBM

Keynote

The Wider FinTech revolution: Disruption, innovation and opportunity

17:20

Devie Mohan, FinTech Strategist Blogger Susanne Chishti, FinTech Circle

18:00

End

Adizah Tejani, Level 39

9:15 - 9:45

Keynote

The shift towards digital wealth: market, opportunity and competition.

9:45 - 10:30

Andrew Power, Deloitte and Rohit Krishnan, McKinsey

Panel

Running a robo-advisor: service models, pricing and user experience.

9:45 - 10:30

Moderator: Anna Irrera, Financial News Panelists: Paolo Galvani, Moneyfarm Adam French, Scalable Capital Mourtaza Asad-Syed, Yomoni Unai Ansejo Barra, Indexa Capital Ben Stanway, Moneybox

11:00

Break

Panel

How to Integrate Technology: Platforms, Algorithms and APIs.

11:15

Moderator: Alois Pirker, Aite Group Panelists: Uday Nimmakayala, Wealthobjects Paul Resnik, Finametrica Ralf Heim, Fincite Jason Oâ&#x20AC;&#x2122;Shaughnessy, Envestnet Yodlee Alex Kerry, Winterflood

Lunch Keynote

The power of ETFs and Exchanges: Capital Markets and Execution

13:15

Patrick Mattar, BlackRock Robert Barnes, Turquoise London Stock Exchange Group

Expert Opinions and Views

Robo-advice: A New Solution to an Old Problem? Andrew Power Partner, Deloitte. This note outlines how UK financial service participants can offer ‘robo-advice’ (‘robo’) to help customers decide which investments to buy and sell. We believe: 1. Robo makes financial advice much cheaper, and, therefore, can help bridge the ‘advice gap’ 2. It will not disrupt incumbents because only they have the scale required to offer it viably Robo-advice emerged in the US. It is now being explored by both start-ups and existing players in the UK.Portfolio management is its most widely-recognised application, although its potential goes far beyond this, ranging from, but not limited to, tax advice to buying insurance. We focus on robo advice in portfolio management in this note. Finding cheaper, creative ways of managing assets will be at the forefront of innovation among wealth managers due to increasing fee transparency. Moreover, while most people don’t have a ‘portfolio’ to manage, auto-enrollment will generate millions of pension pots, creating another impetus for a cost-effective solution. Investment robo-advice will take off in the UK Robo-advice is relatively new in the UK, and growth has been held back by the high regulatory hurdles to, and requirements for, providing advice. However, we think robo will take off, because it has the following advantages over human advice: • De-mystifies savings decisions – models can be used to show clients the need for saving. The algorithm takes on the daunting (to most) decision of deploying savings. • Cheaper – Robo can save investors over £2k over three years on a £50k portfolio compared with an average IFA (see Figure 1, source: Which? and Robo-adviser websites), and is profitable at much lower thresholds than traditional advice.

ROBO INVESTING EUROPE 2016

However, the potential for start-ups is more challenging. The marketing spend to acquire customers is expensive. While start-ups have priced their service very cheaply, their real challenge is very high customer acquisition costs (CAC). Most of these players are very small, and lack the scale to invest heavily in marketing. As investment services are sold in large part on trust (not just at lowest cost), this is a big advantage for incumbents. We estimate Hargreaves Lansdown CAC of c£200/head3 even though it has a strong brand name and scale.We estimate start-up robo-advisor CAC to be twice to three times this level. Unless this situation can be rectified a standalone start-up would be unviable given likely lifetime profits from smaller accounts of £750-£1,000.

In 2012, we estimated 5.5 million would fall into an ‘advice gap’ due to a reluctance to pay the explicit advice fees that replaced commissions at year-end1. We believe, the quickest take-up of robo will be among the two million ‘tech savvy savers’2 who take an internetbased DIY approach to saving and investment. We estimate that half of these seek financial advice, so one million people could easily switch to robo.

We also believe the ability of incumbents to supplement robo with light-touch human advice (sometimes known as ‘cyborg advice’) will be a big advantage over robo-only startups. Thus, robo can be disruptive to business models but incumbents with a brand name and large customer based can be advantaged if they react and engage with their customers.

More convenient - robo-advice can be accessed via websites 24/7.

Less stressful - it allows people to avoid revealing their finances and/or financial ignorance. More objective - it does not suffer behavioral biases, human error or poor judgment. Responsive - it can reassess its recommendations real-time.

More control - the customer enters their own data about their finances and risk appetite. Aggregation – accounts held by different providers can be managed through the same service.

Widespread application – it can be used for pension contributions, investment and protection. Regulation - robo can provide a full audit trail

What are the main concerns with the service? Potential errors – underlying algorithms can be wrong, or the data collected incomplete. Mis-selling – people may not understand what they are buying.

Unemotional – robo-advisers can’t deal with emotions, e.g. arbitrating in family disagreements. Narrow – robo should incorporate multiple goals and changing circumstances. Regulation –determining where liability lies can be difficult. How are regulators supporting robo? The FCA has a regulatory ‘sandbox’. Its Financial Advice Market Review’s aim is to “examine…new and emerging technologies to provide cost effective, efficient and userfriendly advice services”. Robo-advice is not disruptive We believe robo can be an important distribution channel for incumbents. Its low costs allow advisers to serve customers with savings pots well below the typical £50,000+ threshold.

In 2015, Citizens Advice estimates the advice gap was 5.4 million people

Deloitte analysis

ROBO INVESTING EUROPE 2016

How New Technology is Powering the Rise ofRobo Advice Helen Oxley Head of Business Development, Winterflood Business Services While the rise of robo-advice has seen a number false dawns, new infrastructure is now facilitating the real application of this technology in wealth creation, saving and retirement provision. For the investment industry and its consumers, this has far-reaching consequences that will profoundly shape the saving and investment landscape for decades to come. Robo solutions are fundamentally about blending human innovation with rapid advancement in portfolio algorithms and technology, such as automation and aggregation services. This could provide a number of benefits to consumers, as solutions can streamline the advice process, lower minimum investment amounts and cut costs via the choice of underlying investments. For consumers with relatively small pots and basic investment needs, robo-advice offers a simple route to market by providing visibility of performance, savings and transactions from multiple devices, including smart phones. Interactive elements, including digital nudges around goals, life events and ISA/pension limits can also enhance investment outcomes. Ultimately, robo solutions allow customers to take responsibility for their own wealth creation, without having to make investment decisions and at a reduced cost to using a financial adviser. Closing the Education Gap Through cloud-based technology, it is now possible for everyday people to benefit from institutional investment methods. This is essentially the convergence of a number of new and existing technologies to create better outcomes for consumers. The question is how do you get consumers to engage in the first place and remain engaged? This conundrum is leading to the collaboration of robo-advice, financial advice firms and employers. For example, employers can offer workplace savings via robo-advice solutions when needs are relatively basic, while financial advice firms can offer their services when robo-advice is not enough to work through more complicated retirement provision. Education has yet to catch up with technological advancements. Consumers need to be made aware the benefit of long-term investing, such as the effect of compounding. Trust also needs to be built up around these new entrants to market. For this to happen, consumers need to understand who is safeguarding their savings and how that money is being put to work.

Building scale to encompass smaller savers and investors The financial services industry has typically been reliant on manual processes and has been heavily paper based. Advancements in our technology have allowed Winterflood Business Services to build a component-based system called EOS with an emphasis on automation, aggregation and integration. Automation of processes avoids manual intervention which reduces errors and provides the necessary scale to enable a greater magnitude of small investors. One of the key services EOS provides is an aggregation tool, in use with some of the major retail platforms. It aggregates individual client orders to place one trade into the market and disaggregate back to the individual client to whole units. This reduces trade costs and allows robo solutions to invest in ETFs for broad asset coverage at a low cost. We also recently adapted our state-of-the-art platform proposition specifically to underpin robo-advice solutions. We are committed to enabling more people to gain access to investing and are therefore developing aggregation services to allow fractional trading initially of ETFs, but other instruments and securities down the line. Seamless integration To enable seamless integration with robo-advice solutions, EOS has improved its integration capabilities by building a detailed set of APIs (application program interface) which specify how third party providers such as robo-advice propositions interact with EOS. This also allows integration with Fintech â&#x20AC;&#x153;nibblersâ&#x20AC;? who focus solely on one area of the financial chain, such as direct debits or predictive AML/KYC models to mitigate credit and fraud risk. Integrating with these automated specialised solutions improves the speed and decreases the length of the client journey, thereby reducing abandonment rates. The proliferation of robo advice solutions has meant each one has to find their point of differentiation. It is also pushing advice firms and workplace savings companies to embrace the digital evolution and work in collaboration. This will ultimately have a better outcome for the end consumer. There will be some consolidation, as big household brands enter this space, but for now the industry needs to work together to provide credible solutions to customers. We must recognise that the investment management industry is on the cusp of profound technological change; the winners will be those firms bold enough to harness the power of robo advice. By collaborating as an industry on innovation and infrastructure we can ultimately improve the outcomes for millions of savers and investors. Disclaimer This financial promotion has been issued for the information of Professional Clients and Eligible Counterparties only. Investments and investment services mentioned may not be suitable for retail clients. Winterflood Securities Ltd is authorised and regulated by the Financial Conduct Authority

Winterflood Business Services is a registered trading name of Winterflood Securities Limited http://www.winterfloodbusinessservices.com/home/index.html

ROBO INVESTING EUROPE 2016

Robo-Investing and Selecting: Trade Europe, Trade Turquoise Robert Barnes CEO, Turquoise With an aging population and an increasing reliance on private sector pensions, European capital markets need to be competitive to deliver meaningful long term investment returns. Why does this matter? Here is an example: “If a person wants to have benefits that represent 35% of their final salary by investing in a pension scheme over a 40 year career, pension contributions need to be 20% of salary, if the return is 2%”1

In less than 10 years from concept in 2006, Turquoise activity has grown from nothing to more than €1 trillion value traded in 2015 and achieved industry recognition for its innovations including Turquoise Uncross™ and Turquoise Block Discovery™ designed in cooperation with Turquoise buy side and sell side customers for quality electronic trading of larger sized investments. Turquoise won the Financial News 2015 Award for Excellence in Trading and Technology for Most Innovative Trading Product/Service for Turquoise Block Discovery™. By March 2016, Turquoise total average daily value traded surpassed that of any other single country stock exchange in Europe. By listening to customers6, Turquoise has delivered a single European MTF that empowers investment firms with trading innovations that can help them get their business done in thousands of securities from blue chips to small caps in small or large trade sizes with scale efficiency, potential price improvement, and the operational benefits of straight-through processing.7 For more information, please visit www.tradeturquoise.com and follow Turquoise on LinkedIn and@tradeturquoise1

With European interest rates and real returns near zero, the focus is on efficient trading to minimise investment cost and enhance long term returns.2 Trading of stocks can take place on a stock exchange or via multilateral trading facility (MTF). While stock exchanges remain the listing venue for corporates, trading can happen on either. Turquoise is an electronic MTF majority owned by London Stock Exchange Group. Members include global banks, domestic brokers, specialist trading firms, and retail intermediaries. Members can, with a single connection to Turquoise, trade shares, depository receipts and ETFs of 19 European countries. 21st century trends include passive indexation and the desire to outperform benchmarks by trading larger order sizes of shares, from blue chip to small cap, diversified by geography. ETFs are ideal product for selection. Turquoise is the ideal platform for execution, including secondary trading by investment firms. Our principles are Integrity, Innovation, Partnership, Excellence. Our approach is to raise visibility, widen membership, and innovate with customers. Turquoise has a Lit order book and a Midpoint dark pool which is different to those of other dark pools.Turquoise prioritises orders by size and features innovations such as Turquoise Uncross™ and award winning Turquoise Block Discovery™ that deliver the first example of a broker neutral venue that is reversing the electronic trend of shrinking trade size.3 4

In 2001, The Committee of Wise Men on the Regulation of European Securities Markets noted that asset returns over a period of time were growing faster in the USA than in Europe. World Bank statistics indicate Europe has similar or larger GDP and population compared with USA. Europe as a ‘single market’ was underperforming its potential. Among contributing factors were higher costs relating to cross border trading, clearing and settlement. At the time, Europe featured an exchange landscape comprised of single country monopolies. This model did not serve well an increasing demand by the user community for nimbleness on fees and operating mechanisms as equities investment across industry sectors grew world wide. The regulatory tool to address costs was increasing competition, and the findings of the Wise Men report led to the European framework that became the Markets in Financial Instruments Directive (MiFID) which was published in May 2004 and effective November 2007 encouraging competition, transparency and investor protection. Turquoise was one of these new entrants benefitting from the MiFID regulatory passport to admit for trading securities listed across Europe. 2

Turquoise Block Discovery™ averages more than €250,000 per trade, more than 25 times larger than the average €10,000 for electronic trades matched by continuous dark order books across Europe.5 Single trades can be much larger. Turquoise members already have matched many single trades larger than €1m. For example, Turquoise matched €7.4m in Fresenius with on time delivery into Clearstream, Germany’s Central Securities Depository.

http://ec.europa.eu/internal_market/securities/docs/lamfalussy/wisemen/final-report-wise-men_en.pdf

http://fixglobal.com/home/european-equities-how-we-got-where-we-are-today/

http://www.lseg.com/markets-products-and-services/our-markets/turquoise/turquoise-video-resources/ how-does-turquoise-block-discovery% E2%84%A2-work

http://www.bestexecution.net/industry-viewpoint-dr-robert-barnes-turquoise/

http://www.bestexecution.net/analysis-dark-pools-best-execution/

http://www.thetrade-digital.com/thetrade/the_trade_hot_100?pg=18#pg18

http://www.bestexecution.net/analysis-dark-pools-best-execution-3/

ROBO INVESTING EUROPE 2016

FinTech Innovation? It is about FIN, not only TECH. Paolo Sironi, Thought Leader, IBM Courtesy extract from “FinTech Innovation: from Robo-Advisors, to Goal Based Investing and Gamification”, Paolo Sironi (WILEY, 2016). Wealth managers stand at the digital epicentre of a tectonic fault, which is disrupting their landscape as we have known it for centuries. On the institutional side of this fault, FinTechs have been pouring in new business models that compete fiercely with established banking operations, such as Robo-Advisors. Whether they will settle as new leaders, or will die like a bee after stinging, cannot really be divined. What we should instead be concerned with is any innovation that can transform the investing experience to benefit each and every one of us, the community of taxable investors and their human or digital financial advisors. As a matter of fact, Robo-Advisors have already won the first round of the innovation battle, as incumbents have started to update their business models and compete in a challenging race to zero prices. On the other side of the fault, the community of final investors is also sliding on technology trends which are transforming social behaviour globally. Not only Millennials, but older generations are embracing with unforeseen ease all aspects of the digitalization of everyday life. From a wealth management perspective, their willingness to become more digital in handling their investments has further lowered the barriers to entry. The transforming forces at play inside this fault are unprecedented. The offer-side has always dominated the wealth management relationship because financial institutions had unrivalled placing power towards private clients. They could team up with product factories, such as asset managers and desks of capital markets, to embed hefty fees into financial products, collect them from final investors, and redistribute them among institutional players. Yet, the loss of reputation suffered during the Global Financial Crisis (GFC) has fertilized the regulatory terrain with new legislation, which is breaking the financial services’ cartel in favour of final consumers, by raising fiduciary standards and enforcing greater transparency. While the offer-side is becoming progressively a “constrained offer-side”, the community of investors is granted the flexibility to disintermediate centuries-old banking frameworks with relatively easier to understand investment experiences, any time, anywhere, at much lower costs. The epicentre of this figurative earthquake is indeed located in the process of remodelling the asymmetry of information, which has always characterized the relationship between institutions and final clients, and kept the fault aligned.

This is now being pulled apart! The community of investors, intermediated by smart and tech-savvy financial advisors, can now become the new price-maker and force banks to be price-takers as part of a global process of banking democratization. Deep within the crust of the wealth management industry, digitalization and demographic changes coupled with social media and Big Data analytics are colliding against established economic interests. Yet, this seismic activity is not just unsettling the technological and business landscape around but is also creating new minerals, a process known by scientists as flash evaporation. Goal Based Investing (GBI) is the resulting gold mine enriching the fault zone and permitting early adopters of robotechnology to transform disruption into sustaining innovation. Pre-eminently, GBI seems to be the new normal in investment management as it provides a solution to fee-only businesses attempting to showcase their added value. Furthermore, Gamification is emerging as a new digital force in the wealth management ecosystem, to help attain more adequate investment behaviour. Discussing FIN and TECH innovation might not be sufficient to enforce industry change if the economic incentives don’t remodel as well within firms. Nowadays, widespread market regulation about fiduciary standards is facilitating a realignment to sounder client/portfolio-centric approaches. This enhancement is not cost free, and it requires a change of perspective from a traditional asset management point of view (optimization of the market variables) to a more personalized investment modality (elicitation of investors’ ambitions and fears over time). GBI robo-winners will be best placed to outpace laggards, whether FinTechs or digital incumbents. Paolo Sironi, IBM Global Thought Leadership - Wealth Management FinTech Analytics

Where to Robo? Paul Resnik Co-founder, FinaMetrica Robo-advisors don’t do anything new that humans are not doing already. But roboadvisors do the work in the blink of an eye, to a consistent standard and at low cost and their processes are easily scalable. But the challenge for robo-advisors is building funds under management (FUM) and this is a huge task given many robos will have difficulty in attracting clients. This will cost advisory businesses money that many can’t afford, or don’t want to, spend. Robo-advisors are good at producing the process-driven investment recommendation and implementation.Robo-advisors excel in situations that are simple, where the variables are common enough to be factored into an algorithm. At this stage, robo-advisors do not, generally, stray into more complex scenarios involving complicated financial advice – for example, cash-flow management or retirement income planning. Such matters are still the domain of face-to-face financial planning because: • The variables to be considered are so wide, complex and random that they defy being easily coded into algorithms that produce meaningful results; and • In these more complex scenarios people appear to value human interaction which allows for ‘live’ explanation of concepts with specific answers to specific questions about their own unique circumstance. However, robo-advisors are rapidly catching up. Some can already handle relatively complex, but highly focused, situations – they are, essentially, specialising in one aspect of complexity. We cannot assume that robo-advisors will remain ‘dumb’ – we must anticipate that robo-advisors will become increasingly more sophisticated in their abilities and scope. We see the development of many different robo-advice systems where different roboadvisors have algorithms skewed towards the issues of a particular broad grouping. For example, there may be a roboadvisor for young, high-earners, another for retirees and one for blended families where complex estate planning needs might require different parameters in the algorithm. We recognise the existence, and ongoing prosperity of some boutique robo-advisors that only do steps 1 and 2 in the process described above – they are, essentially, selling the wisdom of their algorithm’s asset allocator for a fee. The client may then implement their own solution how they see fit. But these robo-advisors are operating at the fringe.

ROBO INVESTING EUROPE 2016

FINRA in the US has recently raised the issue of defensible algorithms in a recent report. Those promoting Robo advice need to be able to explain how the recommendations are arrived at. The report makes clear that Robo advice has to be judged by the same standards as human advice. This is largely consistent with regulation around the world. There doesn’t seem to be a different standard for Robos and humans anywhere.

LYXOR ETF

15 YEARS OF PIONEERING A LEADER FROM THE START

FinaMetrica’s new report, The Robo Revolution: Robo Advice Market Commentary and Analysis, details the impacts of robo-advisors on the global financial planning industry. The report, which I authored with Stuart Erskine MA, describes robo-advice as the most significant development in the delivery of financial advice in the last 30 years. Our view is that most entrepreneurial Robos will struggle to survive. The cost of client acquisition and service improvements beyond the initial transaction will squeeze the life out poorly capitalised businesses. Enterprise Robos, on the other hand, march to the beat of a different capital drum and are simply another channel deemed necessary to retain clients. The challenge of enterprises is to bring a consistency to their wealth management process across all channels in relation to assessing risk tolerance, mapping to portfolios, the language of risk used in all communications and a realistic set of numeric descriptors to appropriately frame clients’ expectations. Our four consistency toolkit has been designed to help enterprises standardise their clients risk experiences. FinaMetrica operates successfully in the robo space. We supply robo-advisors with a very important piece of the ‘brain’ they need to properly assess risk tolerance so the robo-advisor can recommend suitable investments to their clients. FinaMetrica has moved towards integrating software and providing off-the-shelf robo solutions for new entrants and established players.

1ST EUROPEAN ETF PROVIDER TO LAUNCH IN EUROPE

2ND MOST LIQUID ETF PROVIDER IN EUROPE1

3RD LARGEST ETF PROVIDER IN EUROPE2

Visit lyxoretf.com or contact info@lyxoretf.com

Lyxor was the first European ETF provider to launch in Europe back in 2001. Since then we have built a reputation for constant innovation and outstanding quality, offering more than 220 products across all major asset classes and geographies. Our pioneering spirit has always driven us to find newer, better ways of accessing the markets. It’s kept us at the top for over 15 years, and will continue to drive us for 15 more.

THE POWER TO PERFORM

ETFs & INDEXING

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ACTIVE INVESTMENT STRATEGIES

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INVESTMENT PARTNERS

THIS COMMUNICATION IS FOR PROFESSIONAL CLIENTS ONLY 1 Source Lyxor International Asset Management. Data from January 1st, 2015 to December 31st, 2015. 2Source Lyxor International Asset Management. Data as of March, 2016. This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets In Financial Instruments Directive 2004/39/EC. These products comply with the UCITS Directive (2009/65/EC). Lyxor International Asset Management (LIAM) recommends that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID in English are available free of charge on www.lyxoretf.com, and upon request to client-services-etf@lyxor.com. Lyxor International Asset Management (LIAM), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive and the AIFM Directive (2011/31/EU). LIAM is represented in the UK by Lyxor Asset Management UK LLP, which is authorised and regulated by the Financial Conduct Authority in the UK under Registration Number 435658.

ROBO INVESTING EUROPE 2016

Choosing the Right ETF– Look Beyond the Management Fee Arnaud Llinas Head of ETFs and Indexing, Lyxor Asset Management Model portfolios built with ETFs offer unparalleled benefits from the perspective of cost, transparency, liquidity and diversification. So how do you choose the right ETF to match your needs? There is a universe of over 1,500 products to choose from in Europe, meaning finding the right one can be daunting.

Today, Lyxor is the 3rd largest ETF provider in Europe with over $51bn in assets under management, and the 2nd most liquid provider as measured by average daily trading volume. Our reputation for product liquidity is well known, and we are supported by a network of 45 authorised participants and 19 market makers.** With over 220 products spanning all asset classes, geographies, sectors and styles (including innovative Smart Beta strategies), our investors enjoy the freedom to choose precisely where they want to invest. But it’s more than just the choice; it is our absolute commitment to tracking efficiency, and our relentless focus on quality that tells investors they can trust us wherever they want to invest, and whatever their investment goals.

It’s not as difficult as it sounds though. Suppose you’re looking for exposure to the S&P 500 Index. Starting with a peer group of funds tracking the US benchmark, there are some simple metrics to help you separate the best performers from the worst ones. It can be tempting to pick the ETF with the lowest Total Expense Ratio (TER), but this tells only part of the story. Tracking difference for instance is a measure of the difference in performance between the fund and the underlying benchmark over a one year period. While it takes into account the TER, tracking difference also reflects a number of other factors that impact performance, including the effects of dividend optimization, replication methodology, tax treatment and securities lending revenue, if any. Another useful measure is tracking error, which shows how consistently the ETF tracks its index. Wildly erratic and unpredictable tracking error is not desirable, as it creates uncertainty around the fund’s expected performance. Last but most certainly not least, liquidity is critical. Investors should be aiming for the most liquid products with the lowest bid-offer spreads, as trading cost can in fact be a major component of the total cost of ownership. To help guide investors in this ETF selection process, Lyxor developed an Efficiency Indicator (EI) which aggregates these metrics into a simple score. This score provides a straight forward way to compare funds that are linked to the same index and is based on transparent, observable quantitative criteria. In 2015, Lyxor ranked first for efficiency in seven out of ten major broad based indices ranging from the MSCI World Index to the FTSE 100. The Lyxor advantage Listing our first ETF in Paris back in 2001, Lyxor was the first European ETF provider to launch in Europe, and only the second since the market began. What has always set us apart is our pioneering spirit and our confidence to do things differently. We have never accepted the status quo, but have continuously pushed for newer, better ways to access the markets. Ours is a more sophisticated approach, which is grounded on the simple idea of delivering the best possible result for our investors

*Source: Bloomberg, Lyxor International Asset Management, data from 30/12/2014 to 30/12/2015. The rationale and construction of the indicator are detailed in an academic paper published by Thierry Roncalli, Head of Research & Development at Lyxor and Professor of Finance at the Evry University, and Marlene Hassine, ETF strategist. The academic paper can be downloaded from SSRN: http://ssrn.com/ abstract=2212596 or from REPEC http:// ideas.repec.org/p/pra/mprapa/44298.html **Source: Bloomberg, Lyxor International Asset Management. Data as at 11/05/2016. Liquidity data period from 30/12/2014 to 30/12/2015.

ROBO INVESTING EUROPE 2016

Do Smartphones Lead to Different Investment Decisions? by BlackRock Many markets have fallen around the world in the last few weeks and that makes investors nervous. It used to be that in order to find out how much money you had in your bank account, you had to go to into a branch. Now you can see your balances on your smartphone while on the move. And if you wanted to know how your investments were doing you had to call your stockbroker or financial advisor. Now you have that information at your fingertips. Did you know, two thirds of people in the UK now own a smartphone, using it for nearly two hours every day to browse the internet, access social media, bank and shop online (Ofcom August 2015). While this is very handy and convenient, and can give you more control over your savings and investments, one downside can be that investors become spooked by falling markets and could consider selling at a low point in the markets. Having instant information may lead to instant decision making and paying less attention to the detail, such as the reasons behind a market fall. Investments should be a medium to long term decision, say 5 to 10 years, according to your savings goals. For example, if you’re investing for a pension, diversifying your investments in different asset classes such as shares and bonds, as well as investing for 5 to 10 years or more should all help provide some buffer to shortterm changes in the market. In the past, more people traded through a stockbroker or adviser, who would have been careful to advise you on the best possible course of action. They would also have tended to encourage you to consider investing over a longer time frame, and informed you that while it is natural to have an emotional reaction to falling markets, taking time to consider your investment decisions is wise. So, if you’re trading by yourself, beware of the tendency to make impulsive investment decisions when using a computer, smartphone or tablet – whether that’s to buy, or sell. You may find that your investment portfolio looks better for it.

This material is for professional clients only and should not be relied upon by retail clients. Issued by BlackRock Advisers (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton Avenue, London, EC2N2DL. Registered in England No. 00796793. Tel +44 (0) 20 7743 3000.

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Who Utilizes Customer Data Better, Banks or Fintechs?

Challenger banks have been very clear with the message that data is as powerful as money (if not more so) in the way banks’ offerings will be made. Secco Bank and Almond Bank are two examples of those using a data-based API model to give the power back to the customer.

Devie Mohan FinTech Market Strategist, Blogger

Traditional banks have already started looking at innovating around data. Some of them partner with fintech firms to obtain nontraditional data such as social media or biometric data points, and others adopt technologies to make existing processes such as KYC easier.

The following article is an excerpt from her thoughts from FinTechStage Luxembourg about the potential opportunities in harvesting customer data for the greater good.

You can read the full length article here : http://banknxt.com/55858/customer-data/

Customer data and the opportunities for creating innovative business models out of it has become a recent favorite topic of mine. I spoke on the topic at FinTechStage Luxembourg’s dinner overview hosted by Luxembourg for Finance and the Luxembourg Ministry of Finance, and we had an audience of banking CEOs and fintech influencers keen to find out more about the power of data in solving universal financial services problems. Banks and fintechs have unique ways of dealing with the collection and analysis of customer data, then building offers and revenue models on top of, ending with the disbursement of data-based offers back to the customer. When looking at this entire data value chain, there are two aspects that affect the quality of the ‘building’ and disbursement of data-based models. Data and transaction volumes: the more customers, the more data, thus better quality of data-based output. Number of data points: banks tend to use more obvious data points when storing and building on customer data. Fintechs, as is well known, use more ‘cool’ data points such as Facebook friends. Rules of analysis: the quality of analysis and the number of built-in rules will determine the level of innovation in the offers and customer experience given to end-consumers. Banks have the advantage of volume: Banks already hold massive amounts of customer data, and more importantly have already invested in huge amounts of data infrastructure to handle all of the transaction and customer information. They can play around with it, try out any number of new and innovative models on it, and are well placed to find bestexperience use cases for customer data. However, the most unique aspect of customer data at a bank is that it’s regulated at every aspect of the data value chain. There’s no clear inference on whether this is an advantage or a disadvantage, and could be either depending on the use case. Yet, the fact that every customer’s information is mandatorily collected as per local KYC rules ensures that there’s a minimal level of data point analysis viability for every customer acquired.

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Banking Challenges and Moving toward the Future Stuart Bilick Global Banking Portfolio Marketing Manager, IBM

Partnering : making partnering and collaboration a core business capability across the organization. Agility : adapting rapidly and cost effectively to change Analytics : applying predictive analytics based on big data and cognitive computing, in particular, will enable banks to deepen and scale workforce capabilities. Digitization: becoming digitally integrated, but also open to flexibly connect and interact with partner organizations

The IBM Institute of Business Value just released a new executive report that discusses the disruptive forces that are affecting the financial industry and strategies for transforming into a next-generation bank. With insights from 1,060 banking executives and 1,600 retail banking and wealth management customers, the report identifies key business imperatives and tangible actions banks can take to position themselves at the center of the rapidly evolving financial services ecosystem. Banking Redefined Infographic Banking challenges Because traditional banks are often burdened with inflexible and costly legacy systems, they often struggle to redefine new operating and business models. But a triple set of challenges have emerged that are forcing bankers to rethink how they do business: â&#x20AC;˘ The continuing battle against sluggish profits. â&#x20AC;˘ New classes of customers that are easily dissatisfied and disillusioned with ever-growing expectations of engagement and experience. â&#x20AC;˘ New types of non-traditional businesses that compete for banking customers. Today, banks have an opportunity to position themselves at the epicenter of evolving ecosystems, overseeing and orchestrating a broad range of best-in-class services for the benefit of their customers. Leaders of the future are already moving forward and equipping their organizations and people with new skills, cultures, technology and processes. Moving toward the future Some banks have farther to travel down the transformation path than others. By embracing five principal capabilities, traditional banks can accelerate the changes they must make to prepare for ecosystem leadership.

Risk management, compliance and security: incorporating enterprise risk management is already a key concern and it will only grow more important. Banking executives and employees must recognize that transformation will be a permanent condition, with change the only constant. Those organizations that cannot adapt quickly enough will face marginalization and decline.

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Challenges and Opportunities will be Aplenty with Rise of Robo-Advisors Manooj Mistry Head of Exchange Traded Products and Institutional Passive, EMEA, Deutsche Asset Management With most robo-advisors allocating their investments to exchange-traded funds (ETFs) or index tracking funds, the rise of automated portfolio advice and allocation presents a major opportunity, but also a significant challenge, for established ETF providers such as Deutsche Asset Managementâ&#x20AC;&#x2122;s db X-trackers business. The rise of ETFs, with their clear benefits of low-costs, tradeability and transparency, is a case study in how a disruptive technology can enter the market, shake that market up, but ultimately improve the market for the benefit of investors. ETFs have democratised investing and made the investment process more efficient for retail investors. Similarly, the rise of robo-advisors is also set to play a disruptive, but potentially progressive, role in developing and improving investment markets. As increasing numbers of investors start to use the services of robo-advisors, and as robo-advice therefore starts to become a truly competitive element of the marketplace, existing advisors will have to differentiate themselves more clearly and definitively. That does not mean traditional investment advice will no longer be needed, or that the traditional advisory role is about to disappear, but it will undoubtedly put more pressure on existing advisers to show where and in what way they add value, and also to ensure this is communicated clearly. As for ETF provides such as db X-trackers, the opportunity is clear. In Europe, the majority of users of ETFs are institutional investors. Distribution to retail investors has always been a challenge. It requires significant investment in educating advisors and others, as well as large numbers of sales staff to engage with those intermediaries. Distribution via robo-advisors potentially offers an efficient way to broaden the ETF investor base and to increase assets under management. ETF providers therefore will generally be eager to engage with as many providers of robo-advice as possible; indeed this process has already begun. But there is a challenge here too. Although the ETF market has proliferated in a short space of time, market participants have also been careful to ensure that development has been measured and responsible. Regulators too have engaged with the market to ensure that product development is in line with expectations of what would be expected of publicly listed products.

The ETF market needs to ensure that as robo-advisors start to come online and use their products, the same high standards of responsibility when it comes to engagement with the retail market remain in place, and that standards do not start to slip. The other challenge is how ETF providers position themselves to make the most of the rise of robo-advice. Some asset managers have purchased robo-advice firms to give them a foothold in the market. Others are focused on developing their own inhouse robo-advisory services. In April Deutsche Bank outlined a broad digital strategy, including the expansion of the bankâ&#x20AC;&#x2122;s robo-advisory services in Germany. Within the ETF business, we complement this in-house offering by working with some of the largest robo pioneers from both a product and portfolio construction perspective. There is no doubt that robo-advisory services will re-shape the asset management industry over the coming decade. As with the emergence of ETFs as a significant and beneficial innovation, we will again be ensuring that we are at the forefront of future changes.

Deutsche Asset Management

ABCDETF. First grade. The basics for every portfolio – db X-trackers ETFs. More under www.abcdetf.com

db X-trackers ETFs – Simply buy the market. www.abcdetf.com I Hotline: +44 (20) 7547 1747 I E-Mail: info.dbx-trackers@db.com

Investors should note that the db X-trackers ETFs are not capital protected or guaranteed and investors in each db X-trackers ETF should be prepared and able to sustain losses up to the total capital invested. An investment in a db X-tracker ETF will not match the performance of the underlying index precisely due to the impact of costs. This tracking diﬀerence may be greater for direct replication ETFs. Not all db X-trackers ETFs are suitable for all investors. The value of an investment in a db X-trackers ETF may go down as well as up and past performance is not a reliable indicator of future results. For further information regarding risk factors, please refer to the risk factors section of the prospectus and/or the Key Investor Information Document. © Deutsche Bank AG 2016 This advertisement has been prepared solely for information purposes and does not constitute an oﬀer or a recommendation to enter into any transaction. Please refer to the db x-trackers full prospectus and the relevant Key Investor Information Document for more information on Deutsche Bank ETFs, which can be found free of charge at www.etf.deutscheawm. com This advertisement has been issued and approved by Deutsche Bank AG London Branch. Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany’s Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority. Deutsche Bank AG is a joint stock corporation with limited liability incorporated in the Federal Republic of Germany, Local Court of Frankfurt am Main, HRB No. 30 000; Branch Registration in England and Wales BR000005 and Registered Address: Winchester House, 1 Great Winchester Street, London EC2N 2DB. Shares purchased on the secondary market cannot usually be sold directly back to the ETF. Investors must buy and sell shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying shares and may receive less than the current net asset value when selling them.

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Traditional Firms’ Digital Advice Strategies Alois Pirker Research Director, Aite Group Many firms consider launching robo-advisor services to address the needs of mass-affluent clients either directly or through light-touch and virtual financial advisors. A 2015 Aite Group survey of 36 wealth management firms located across North America, Europe, and the AsiaPacific revealed that approximately 40% of firms are looking to offer fee-based accounts online through the client website. A robo-advisor doesn’t make sense for every firm, especially not until the firm can convince clients of the value of a financial advisor. There are three types of firms from which we expect robo-advisor solutions to launch in the near future:

Depending on existing firm or practice capabilities, firms will pick and choose the capabilities they need to create their versions of a digital advisor. Larger firms may select to acquire players to fill a specific gap. Fidelity’s acquisition of eMoneyAdvisor will help the firm address several gaps in advisor technology, including aggregation and client engagement. BlackRock chose to acquire Future Advisor to become a provider of robo-technology to its advisors. Firms now can target their purchases even more precisely by leveraging components made available through APIs. Given these changes, many existing direct-to-consumer robo startups will morph even further into providers of technology to traditional wealth management firms, though many will continue to offer direct-to-consumer services also. Clearly, the role of startups cannot be underestimated. The scope and shape of services offered will evolve as current platforms mature or are acquired and new ones come to market.

• Asset management firms. • Wealth management firms tied to banks that already cater to mass-market and mass-affluent individuals. • Wealth management firms with a strong focus on high-net-worth and ultra-high-net-worth clients. Asset management firms will invest in robo-advisor technology to bring their products and investment management expertise directly to end consumers, thereby drastically reducing distribution costs. To avoid impacting their relationship with wealth management firms and advisors, they may, as BlackRock has done, focus first on selling robo-technology to advisors. Once advisors start using the technology with end clients, BlackRock may consider focusing more on consumer service and price it in such a way that it does not compete with advisors’ offers. Fidelity is launching its FidelityGo service in the United States to consumers before advisors, mimicking its existing direct-to-consumer platform and history of selling products to both consumers and through advisors. Aite Group expects the larger firms that already segment their wealth management offer for clients of different wealth levels to begin launching digital advisor offers in 2016. Bank of America has already announced plans to offer a digital advisor service through Merrill Edge. A robo-advisor solution also makes sense for wealth management arms of large banks such as HSBC or Citigroup. Finally, firms with a strong cachet in the high-net-worth and ultra-high-net-worth spaces must accommodate the accounts of clients’ children and relatives who don’t qualify for a dedicated advisor relationship but should be included in the service to best meet the client’s multigenerational and family needs. There is no doubt that robo-advisory services will re-shape the asset management industry over the coming decade. As with the emergence of ETFs as a significant and beneficial innovation, we will again be ensuring that we are at the forefront of future changes.

See Aite Group’s report, Wealth Management Incumbents’ Digital Strategies, November 2015.

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Key Note Spaeakers Andrew Power

Key Note Sppeakers Devie Mohan

Partner, Deloitte

FinTech Market Strategist, Blogger

Andrew is a Partner in Deloitte’s UK Consulting group, who specialises in working with Retail Financial Services companies. He has over twenty-five years of consulting experience, on strategic, organizational, regulatory, operational and technology issues. His work includes extensive reviews of distribution channels, including digital, platforms and robo-advice. Andrew is a frequent presenter at industry conferences and contributor to financial publications.

Devie is a FinTech industry advisor and analyst based in London. She handles global marketing of FinTech, open platform and services at Thomson Reuters. She is also the founder of a FinTech research and collective mentoring firm that supports FinTech startups with advice and data. She writes extensively on FinTech and digital banking and is a columnist with several online publications. She has been listed in the top 10 of City AM newspaper’s FinTech Powerlist and in Innotribe’s FinTech Power Women list.

Rohit Krishnan European Lead, McKinsey Growth Tech Rohit is the European Market Lead for McKinsey’s ‘Growth Tech’ Practice (serving leading growth stage tech players, VCs, and growth PE). He co-authored “Playing to Win” on the changing nature of global competition, analysing impact of technology and innovation and how it’s transforming company performance. He is an ex-entrepreneur having started several companies including an algorithmic trading strategy fund.

Benedetta Robert Barnes Arese Lucini CEO Turquoise, London Stock Exchange Dr Barnes has extensive industry experience and market knowledge having formerly been CEO of UBS MTF and a Managing Director, Equities, at UBS. He is a well-regarded industry expert on market structures, having served as Chairman, 2004-2009, of the Securities Trading Committee of the London Investment Banking Association and participated on a wide range of key advisory and policy groups within the financial services sector.

Patrick Mattar Head of Broker Dealer Sales EMEA, BlackRock Patrick manages relationships with partner banks across EMEA. The team leverages the best Broker Dealer resources to iShares strategy, with a focus on both trading and distribution. Prior to joining BlackRock in 2010, Mr. Mattar was Director, Equity Derivative Sales at RBS (previously ABN Amro), where he founded and managed a listed derivatives execution desk that also marketed a variety of vanilla and exotic equity derivative products.

Chris Truce Susanne Chishti CEO, FinTech Circle FinTech Circle is Europe’s 1st Angel Network focused on FinTech opportunities and the FinTech Tours. Susan is also the Chairman of FinTech Circle Innovate and Co-Editor of the Bestseller “The FinTech Book” - the 1st Crowd-Sourced Book on FinTech globally. Recognised in the European Digital Financial Services ‘Power 50’ 2015, an independent ranking of the most influential people in digital financial services in Europe. Susanne has been selected as one of the 100 leading Women in FinTech and top 15 FinTech UK twitter influencers.

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Moderators Anna Irrera

Moderators Monica Woodley

Journalist, Financial News

Editorial Director, EMEA, The Economist

Anna is a journalist at Financial News, a Dow Jones newspaper in London, where she covers fintech. Anna played a key role in the publication’s growing focus on the emerging fintech sector and the impact of new digital technologies on traditional financial institutions. She worked on launch of quarterly fintech-focused publication and a dedicated section on Financial News’s website. She also compiles the annual Fintech40 powerlist.

Monica manages a team of editors across EMEA who produce bespoke research programmes for a range of clients. In her six years with the Economist Group, she personally has managed research programmes for companies such as Barclays, BlackRock, State Street, BNY Mellon, Goldman Sachs, Mastercard, EY, Deloitte and PwC, on topics ranging from the impact of financial regulation, to the development of innovation ecosystems, to how consumer demand is driving retail innovation.

Alois Pirker Research Director, Aite Group Alois has published extensively on topics including the registered investment advisor space, financial planning, separately managed accounts, and advisor-focused platforms and tools. Before joining Aite Group, Mr. Pirker was an analyst within Celent’s securities & investments group, where he published several studies and advised clients on new strategic technologies in the financial services marketplace. Mr. Pirker has been quoted in various media outlets, including The Wall Street Journal, Bloomberg, Dow Jones, Reuters.

Pauline Skypala Freelance Journalist, Ex-Editor FTfm Pauline, now a freelance journalist, was deputy markets editor at the FT until December 2015, and edited FTfm from 2004-2012. She joined the Financial Times in 1999, initially as investment editor on FTyourmoney. com, a personal finance website. In 2001 she moved to the paper, becoming deputy personal finance editor. She has won numerous awards over the years, including the Harold Wincott Award for personal finance journalism.

Anna Lane Managing Director, The Wisdom Council Anna co-founded The Wisdom Council in 2013 following seven years as Managing Director of Lane Consulting, a specialist wealth management marketing consultancy. Anna worked in the City for over 20 years, in roles including Head of International Marketing for JP Morgan Private Bank and Morgan Stanley Investment Management. Since 2012, Anna has been a judge on the PAM Awards panel, Chairing the Image & Reputation category and sitting on the Investment Product & Services Innovation committee.

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Panelists Manooj Mistry

Panelists Michael Gruener

Head of Exchange Traded Products, Deutsche Asset Management

Managing Director, Co-Head of iShares EMEA Sales, BlackRock

Manooj joined Deutsche Bank in May 2006 and was part of the team that launched the db x-trackers ETF business in 2007. Prior to Deutsche Bank, he worked for Merrill Lynch International in London, where he was responsible for the development of the LDRS ETFs, the first ETFs to be launched in Europe in 2000. He also sits on a European Securities and Markets Authority working group on financial innovation.

Michael is responsible for defining and implementing iShares’ Sales Strategy across countries and client segments in Europe. Prior to joining BlackRock Mr. Gruener has worked for 10 years at Goldman Sachs Asset Management in various distribution roles in Chicago, London and Frankfurt. Overall Michael has more than 20 years of experience in the financial services industry.

Victor Haghani Founder, Elmfunds In 2011 Victor founded Elm Partners, an active index investment fund. He started his career in 1984 in the bond research department of Salomon Brothers and then became a managing director in the bond arbitrage group run by John Meriwether. In 1993, he co-founded Long Term Capital Management with seven other partners. Since then, he has been involved in a variety of activities, including consulting and board assignments, becoming a name at Lloyd’s of London.

Roberto Ferrari

Clarisse Djabbari Deputy Head, Lyxor ETF & Index Clarisse is Deputy Head of Lyxor’s ETFs & Indexing business. She joined Lyxor in 2010 and was, prior to that, Head of Finance within the Global Equity Derivatives division of Société Générale’s Corporate and Investment Banking (SG CIB) since 2006. Clarisse joined SG CIB in 2000, where she held several positions within the Operations and Finance divisions in France and abroad.

Paolo Galvani

General Manager, CheBanca!

CEO, Moneyfarm

Roberto is a Board Member of Mediobanca Innovation Services, the IT and Operations service company of Mediobanca Group in Milan. He’s highly qualified in an international context in marketing and digital channels field. In 2006 he entered in Mediobanca Group as Marketing & Partnership VP in Compass, the consumer finance and payment company of the financial Group, where he was in charge of marketing, product and business development activity.

Paolo is the chairman and co-founder of MoneyFarm. Prior to MoneyFarm Paolo cofounded prestiamoci.it, working in fintech before it had the name fintech. Former CEO of Sella Capital Management SGR and Deputy Head of the Private Banking unit, Paolo brings a wealth of experience from both the asset management and investment banking industry.

Shaun Port CIO, Nutmeg Shaun has over 20 years’ experience developing and implementing investment strategies for clients ranging from central banks to pension schemes to charities and private individuals. He joined Nutmeg from BDO Investment Management, where he was Chief Investment Officer for six years, in charge of the investment process for £2 billion of assets. Prior to BDO, he was Senior Economist and Head of Research for Crown Agents Investment Management.

Adam French Co-founder and Managing Director, Scalable Capital Adam is co-founder and Managing Director of digital investment manager Scalable Capital. Prior to this, he spent the last 7 years working in London in the financial services industry at Goldman Sachs. As Executive Director of Commodities Trading, he was responsible for the commodity structured products franchise including risk management and developing client solutions..

ROBO INVESTING EUROPE 2016

Panelists Mourtaza Asad-Syed

Panelists Ralf Haim

CEO, Yomoni

Co-CEO, Fincite GmBH

Mourtaza is the founder of Yomoni, France’s first 100%-online wealth management company. He has 20+ years of experience in financial markets and consulting. Previously, he was the Chief Strategist of Société Générale Private Banking after working at JP Morgan, “Caisse des Dépôts” and McKinsey.

Before founding Fincite, Ralf headed the corporate development of a Big Data & Business Intelligence company, which is today part of PWC and sold its software solutions to SAP. Fincite is a Financial Technology Company with the mission to digitize asset & wealth management. It uses technology to offer software-as-aservice to established financial service providers and to co-create new ventures together with business partners. Today, Fincite and affiliated companies employ almost 40 people.

Ben Stanway Co-Founder, Moneybox Prior to Moneybox Ben co-founded Bloom & Wild where he now serves on the Board. In the ten years prior to Ben was an investor, first at Fidelity, then as part of the founding team at Habrok Capital - a $2bn global equity hedge fund. Ben has first class honours degree in Business Administration from the University of Bath.

Uday Nimmakayala

Jason O’Shaughnessy Senior VP, Envestnet Yodlee Jason has more than 25 years’ experience in business development. In 2003 he established Yodlee’s International operation and has since grown Yodlee’s footprint in more than eight countries across Asia and EMEA. Working with start-ups and major financial institutions, Jason has been instrumental establishing - and launching - the first Personal Finance Management (PFM), Aggregation and mobile PFM solutions in the United Kingdom, Australia, India, France and South Africa.

CEO, Wealthobjects Uday founded WealthObjects with the purpose of taking wealth digital and helping customers meet their financial goals. He has more than a decade of experience in the Investment and Wealth management sector within various functional roles and a good understanding of the financial services regulations. He has previously worked at M&G Investments (Prudential Group), First Arrow Investment Management Limited and Five Arrows Limited (Rothschild Investment Office).

Paul Resnik

Alex Kerry Head of Business Services, Winterflood Alex has over 14 years’ experience working in Financial Services in Client Experience, Operations and Change Management arena. Alex joined Winterflood Securities in 2010 where he was instrumental in establishing WBS, he now heads up the division. Prior to that he worked for Barclays Wealth optimising the operations area and control functions of the businesses in London initially, then the Channel Islands, Cyprus, Gibraltar and the Cayman Islands.

CEO, FinaMetrica Paul co-founded FinaMetrica which provides risk tolerance profiling and a comprehensive Toolkit including several suitability algorithms. Since its 1998 Australian launch FinaMetrica has completed almost one million risk profiles for over 5,500 human financial advisers including 5 Robos in 20 countries. FinaMetrica’s algorithms map risk scores to the multi asset portfolio suites of more than 30 investment managers including several of the worlds largest.

Chris Williams Head of Digital Advice, Nationwide Prior to becoming Head of Digital Advice, Chris was the CEO of Wealth Horizon, a company he founded in 2013 and subsequently purchased by Aberdeen Asset Management in 2016. Chris was one of the first advisers in the UK to hold both Chartered and Certified Status and has a been a passionate advocate of the growing professionalism of financial advice, culminating in his appointment as a Non-Exec Director at the Institute of Financial Planning.

ROBO INVESTING EUROPE 2016

Panelists Karan Shanmugarajah

Panelists Chris Truce

Co-Founder, Wealthkernel

Thought leader, IBM

Prior to co-founding WealthKernel was a portfolio manager at Barclays Wealth in London where he oversaw $500 million in client assets. He was a member of the North American Equity Committee and a voting member of the Multi-Asset Selection Committee. Karan has worked in the finance industry in Canada and Singapore and is currently a director at a London-based non-profit organization that promotes entrepreneurship.

Paolo is the recognised author of books about portfolio management and FinTech innovation. In his current role as IBM thought leader for Wealth Management and FinTech Analytics, Paolo links Finance and Technology globally, demonstrating sound expertise over a number of areas including Wealth Management, Asset Management, Risk Management and Financial Technology. Prior to IBM, he funded a FinTech (2008) to provide Goal Based Investing solutions to wealth managers.

Jonathan Gee Government Affairs, BlackRock Jonathan joined BlackRock in 2016 and is the former Co-Head of Asset Management and Investment at the UK Treasury. At the Treasury, Jonathan was responsible for regulatory issues relating to the asset management sector including the implementation of hedge funds regulation and the Alternative Investment Fund Managers Directive. Since leaving the Treasury in November 2014, Jonathan has worked for the Investment Association as a senior adviser on regulatory affairs.

Mahrie Webb Partner, Simmons & Simmons Mahrie advises on the formation and distribution of retail funds in the UK. She acts for fund and wealth managers, administrators, platforms and distributors as well as financial advisers and other intermediaries. Mahrie has a particular interest in the distribution of retail funds and products through the use of automated channels and digital technology. Mahrie advises her clients on current regulatory requirements and ongoing regulatory reform and its impact on retail funds and services.

Richard Theo CEO, Wealthify Richard is the co-founder of Wealthify.com, a UK robo-investing service which promises to democratise investing through simplicity, low fees, low minmum investments and social engagement. Richard is an entrepreneur with a passion for technology that has driven him to establish a string of successful technoogybased companies most notably ActiveQuote, another fintech. ActiveQuote employs 130 people in Cardiff and provides the Health and Protection Insurance comparison services to some of the UKâ&#x20AC;&#x2122;s leading price comparison brands on a white label basis.

ROBO INVESTING EUROPE 2016

About Us Robo-Investing Europe 2016 is produced by Anthony Christodoulou, Director of Wealthtrack. He has over 17 yearsâ&#x20AC;&#x2122; experience in wealth management, with senior roles at leading global financial institutions. He has founded several start-ups and was a pioneer of automated index investment soluions in the UK. Wealthtrack is an independent media, events and research business specialising in robo-investing, digital wealth and ETFs. It has developed an extensive network of practitioners across consulting, technology and investment management. Clients have included entrepreneurs, technology firms, fund managers and global institutions.

Contact info@robo-investing.co.uk www.robo-investing.co.uk @roboinvestor #robo2018

Website Email Email : info@roboÂinvesting.co.uk Twitter : @roboinvestor Website: www.roboÂinvesting.co.uk : www.roboinvesting.co.uk : inf o@roboinvesting.co.uk Twitter : @roboinvestor