Typically sluggish adopters of new technology, asset managers are slowly waking up to the threats posed by the emergence of faster and cheaper digital rivals, with fully 80% of industry participants expecting significant disruption in the industry over the next ten years.

A survey of more than 450 senior executives in asset and wealth management on digital transformation commissioned by Dassault Systèmes from Create-Research found an industry struggling to come to terms with growing cost pressures and the arrival of digitally-led investment platforms catering to a new generation of technologically-savvy investors.

Just 27% of wealth managers polled offer robo-advisers, and only 31% use big data, while the adoption of revolutionary platforms like distributed ledgers is viewed as a distant dream.

The results are underpinned by a new report from Ernst & Young which finds that many wealth and asset management practitioners are “not very familiar with how blockchain actually works or what the benefits might be”.