Foreword

Pauline Hawkes-Bunyan,

Director, Business: Risk, Culture & Resilience,

The Investment Association

The speed and success of the rapid transition to remote working, necessitated by the onset of the pandemic last spring, is of great credit to our industry and its existing focus on cultivating healthy and resilient cultures. In this extended period of time much has been learnt about the positives and negatives of practices, such as homeworking, and the likely challenges and opportunities of transitioning to a more ‘normal’ situation so that the UK can maintain its position as a global centre for investment management.

The pandemic will have long term consequences on the way the economy and society function: this will undoubtedly include the workplace. The huge opportunities provided by technology to enable more flexible working has given many people, for the first time, a great deal more choice over how, when and where they work. Many will have seen the potential to accelerate diversity and inclusion efforts by, for example,

providing greater opportunities to those living far away from the traditional financial services hubs and flattening hierarchies through this shared experience. We also know, however, that remote working poses many potential challenges, including around creativity, collaboration, resilience and professional development. If the UK’s investment management industry is to continue to attract and keep the brightest and best talent, not just nationally but globally, it is important to adopt the latest innovations to address these issues and embrace the opportunities.

Having a world leading investment industry based in the UK has wider benefits for UK plc. In total, UK investment managers look after £8.5 trillion. The scale and success of the industry contributes directly to the economy: it is responsible for 4% of the UK’s exports in services and contributes £4.5 billion in tax each year. As such, creating an environment which attracts both new investors and supports existing firms is crucial to the future

success of our industry, with all of its wider economic and social benefits.

At the Investment Association (IA), we have been supporting firms in shaping their thinking as to how they consider the working environment going forward for the long term. Learning the lessons from the previous months and capitalising on the positive new innovations. The Future World of Work project has been a significant focus for the IA and this publication collates a series of powerful thought leadership pieces by subject matter experts, from within and outside the investment management industry, and is supplemented by insightful member case studies. The output centres on three key pillars, which form the structure of this document: the office of the future; working patterns and practices; and skills & behaviours. All of which is underpinned by diversity and inclusion considerations and the future regulatory environment. The overarching element is the cultivation and maintenance of a healthy culture, keeping purpose, conduct and wellbeing at the centre.

To ensure our members are best placed to prepare for the challenges that lie ahead, this series of thought leadership pieces seeks to support internal discussions and help each firm determine their own optimal approach by providing ideas and insights. We recognise no individual or organisation will have all the answers and so we have looked for views from a wide variety of sources.

I would like to thank all of the contributors to this publication, particularly Deloitte, your input has been invaluable. This is a live document, which will be refreshed to reflect future changes, as many firms’ plans will be framed as ambitions or experimental. I look forward to sharing further ideas and continuing to support members as we navigate the transition to a post-pandemic world.

Pauline Hawkes-Bunyan
Director, Business: Risk, Culture & Resilience