Asset management firms not shielded from the effects of COVID-19

Fidelity Bank Ghana organized a webinar which brought together seasoned panelist to discuss and share knowledge on how industry players, regulators and government thrive during such volatile times in the current pandemic.

Speaking at the webinar, Samuel Aidoo, Deputy Managing Director (Wholesale Banking) of Fidelity Bank Ghana, said, “asset management firms are not shielded from the effects of COVID-19 and will need to reprioritize and reorganize their operating model in order to survive. Clients will still require firms to deliver value in the midst of the turbulence associated with this pandemic.

 “Even though the pandemic has challenged the normal operational methods of the investment industry, it also presents unfolding opportunities for innovation and growth. It is therefore imperative for asset and wealth managers to reposition their organizations in the strongest position possible to succeed”.

Samuel Aidoo

According to Mr. Aidoo, the program was an opportune moment to engage and share knowledge in these uncertain times.

Panelists at the webinar disclosed that the future of the industry is positive and advised asset and wealth management organizations to leverage on ICT to improve on their penetration of services to ensure more people benefit from the great potential of the industry.

Similarly, the Head of Fidelity Securities Limited, Akwasi Adu-Boahene, added that asset and wealth management firms “should be open to new ideas, form partnerships to grow stronger and offer better services to their clients”.

According to Mr. Adu-Boahene, for the long term, asset managers must be ready for an industry that will change significantly from manual operations to strong virtual engagement with clients.

He further posited that, “current and new businesses must critically analyse the new market reality and reinvent their business for growth with the shift to advisory and optimizing the balance of physical and online channels”.

Akwasi Adu-Boahene

The webinar was on the theme, COVID-19 Asset and Wealth Management Realities: Tapping the Right Opportunities for Growth, brought together seasoned industry practitioners to discuss how individuals and organizations can leverage on opportunities to grow their wealth in the midst of the pandemic.