Redefining the Future of Asset & Wealth Management - Atos
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Redefining the Future of Asset & Wealth Management
Management Summary The proliferation of technology throughout financial services has evolved the way in which the industry operates. However, whilst some sectors like retail banking have adapted quickly to this change, Asset & Wealth Management has been slow to fully embrace its digital potential. This White Paper reviews the drivers for adoption of technology within Asset & Wealth Management organisations, along with presenting an overview of the opportunities for digital progression that are available today. 02
Contents
04 Introduction
05 Why Now?
08 Enhancing Enterprise
09 Ethics
10 A Way Forward
11 References
Redefining the Future of Asset & Wealth Management 03Introduction
A Decade of Change
The collapse of Lehman Brothers in 2008 This change in expectation has begun It is clear from these changes
and the subsequent global economic crisis to shift the status quo between financial that consumers demand greater levels
initiated a period of disruptive changes within services providers and customers from of intimacy and persistent relationships
financial services (FS). Over the following ‘transactional’ to ‘enduring’, causing both with the firms they entrust funds to.
decade, new regulatory bodies and reforms opportunities and threats for industry So why is it that the Asset & Wealth
were introduced, FinTech challengers providers. In commercial banking, these Management (AWM) arm of financial
reshaped consumer expectations digital disruptions have manifested services has only seen incremental
and platform players such as Amazon in the form of hyper-personalisation improvements to service over that same
and Alibaba diversified into comprehensive of experience, the popularisation of public time period, which have done little
service providers. At the same time, the API platforms and fragmentation of business in the way of enhancing customer
relentless progress made in smartphone models into decoupled layers of the banking experience and have instead tangled
technology increased app usage stack. Within insurance it has been customer the core offering of most investment firms
by an average of 12.1% year-on-year intelligence and Internet of Things cost in additional layers of technical debt
(SensorTower, 2019) bringing dramatic and accountability drivers. Finally, within and increased operational cost?
changes in consumer expectations and in the savings we have seen increased liquidity
“art of the possible” in customer engagement. of assets and frictionless service switchover.
Headwinds in Asset & Wealth Management
At Atos we believe that AWM as an industry has been making steady progress and has created value for investors but there are factors
that have reduced the risk appetite for reaching the full potential of digital.
Operational Costs Legacy Technology and Processes Legislation Hot Fixing
We have seen that that operating costs Innovations have prioritised building upon Looking at the list of new regulations
within the AWM industry have increased by legacy processes over searching for new in AWM over the past four years alone
60% (McKinsey&Company, 2018) between value creation and this has contributed seems daunting, these regulatory changes
2007 and 2017. This dramatic increase can be to an increase in the cost of operations pose significant technical and operational
largely contributed to the host of regulatory and technology, embedding a legacy challenges that must be met appropriately.
changes coming after the global financial mindset and straining the speed towards
crisis, complexity of asset classes, new digital. Despite there being a wide range
products, new distribution channels and an of options available to achieve operational
economic recovery which led to a significant improvements and cutting-edge investment
increase in assets under management (AUM). offerings in data and digital.
As a result of this, focus in the industry sits Digital Monopolisation
predominantly with the ability for technology Finally, there is a lack of clear vision when
to reduce TCO (Total Cost of Ownership), it comes to setting a high digital standard
this has kept the focus away from exploring or digital alpha. Even though digital leaders
innovation and modus operandi have largely in AWM outperform their peers when
remained the same. Segregated Digital Thinking it comes to technology costs over revenue,
There is a distinct separation between growth on AUM and profit margins
technology and investment functions that is (McKinsey & Company, 2018).
impacting the industry’s ability to grow
from a digital standpoint. For example,
the talent from respective functions are not
working together to create complimenting
synergies which can help achieve
a digital change.
04Why Now?
There are several factors that make now the time for Asset & Wealth
Managers (AWMs) to implement widespread digital change in their
organisations in order to avoid being disintermediated. These range from
regulatory constraints, to the global pandemic which has digitised the
world of work at an unprecedented speed. Thanks to these factors the
AWM industry is changing in orders of magnitude compared to previous
decades. We believe that now is the time to act with regards to digitally
transforming AWM and future proofing many aspects of the organisation’s
offerings and operational capabilities.
Regulation
In many ways the financial crisis of 2008 their workload (Chandler, 2019) on minimum To deal with the pressures of changing
shifted the perception of legislation from portfolio sizes as a result of increasing regulations, the AWM industry is finding
being a barrier to innovation to becoming a management fees. Atos predicts that innovative solutions. MiFID II requires
driver behind new opportunities for financial Distributive Ledger Technology (DLT) is one AWMs to report on various forms of data
services firms, with the likes of PSD2 and technology likely to grow within the industry for transparency. Due to multiple data
CRD IV in the EU attempting to generate new due to these changes, resulting in a range of sources, a large distribution network
services that benefit predominantly the end new opportunities for AWMs including data and an emphasis on repetitive reconciliation
consumer. PSD2 stands out as a regulatory management and reporting improvements. tasks, this was a complex issue. AWMs are
change that was designed to encourage In order to stay competitive in this evolving now responding by embracing leading
competition and has been the enabler of regulatory landscape, technology must play edge technologies like DLT to create a new
open banking in the FS industry, but some like a key role in improving operational capability distributed industry platform for reporting
Solvency II were seen as a constraint. None- and should be championed as the solution. EMT (European MiFID Template) data.
the-less, AWM as an industry is beginning to The TISA Universal Reporting Network
see a regulatory shift towards more proactive Driving cost efficiencies has become (TURN) is a cutting edge example
and service-enabling rulesets, led by the more pertinent since MiFID II introduced of DLT being implemented in order
introduction of the Markets in Financial research unbundling to ensure investor to address exactly this, TURN has the
Instruments Directives (MiFID II) in 2018. transparency for costs on research. As most potential to create substantial cost savings
AWMs bear the cost of research instead from year one by reducing the reporting
The main aim of MIFID II was to bring of passing this cost onto clients, we have overheads that are driven by repetitive
increased market transparency and product seen a 20-30% reduction on research spend reconciliation of data (TISA, 2020).
governance requirements that ensures (FCA, 2019). Reports on research quality TISA is partnering with Atos to create
investor protection. Regulations such as have been mixed, with a review by the FCA the platform, with Deutsche Bank, Fidelity
MIFID II, coupled with projects such as TISA’s ascertaining that most AWMs believe they International and more involved in the
Open Savings & Investments demonstrates get the required amount of research (FCA, building and testing. This clearly shows
a shift towards transparency, driving more 2019). However, a separate review reported an appetite within the industry to embrace
competition in the marketplace whilst a significant decline in the quality of analyst new technologies in order to respond
subsequently placing pressure on margins, coverage that is particularly severe for to regulation when there is opportunity
and AWMs are feeling the strain. 66% of asset UK SMEs (market cap of less than $1bn) for technology to reduce compliancy and
managers stated that MiFID II has increased (Karunaratne, 2019). operational costs.
Redefining the Future of Asset & Wealth Management 05Changing Consumer Demands
We believe that regulators will not only be impact of their investments, alongside their increase in popularity of low risk products,
influenced by the past behaviours of financial expected returns. Now there is a greater with fixed income products being one
services firms in determining their regulatory demand for transparency and visibility such example. AWMs who have historically
roadmap, but also the increasing velocity from investors and the ability to swiftly charged greater margins on active equity
of changing consumer behaviours as we liquidate funds if investment conditions funds have seen more withdrawals, this
progress further into the digital age. are not met. The rise of globalisation and being partly due to their passively managed
There are four key areas in which demand greater integration of communities have counterparts outperforming them, even
is shifting within the AWM industry. also nurtured demand for bespoke portfolio during the volatile markets that we have seen
offerings. For example, halal investment as a result of Covid-19 (Financial Times, 2020).
Digitalisation has led to a diverse range of opportunities for the global Muslim For the traditional AWMs, fee structures
products and platforms available to the population or the increasing awareness of are adapting from the 2/20 model
masses. Investors are more technology decarbonisation, even the measure of capital (2 % annual management fee and 20% of
literate, enabling greater utilisation of data allocated against meeting the United Nation’s profits) of the past.
and more awareness of the opportunities Sustainable Development Goals (SDGs).
to diversify their investment portfolios. ESG scores have played a large part in AWMs will have to review and potentially
Customer expectations have grown as a meeting this demand, however now more redefine their purpose as they progress
result of this, placing AWMs under pressure than ever investors are looking for data driven their investor engagement strategies in
from new offerings, like trading platforms certainty that their capital is being deployed order to remain relevant to the increasing
in the FinTech arena and new asset classes according to their values and the ability market awareness of consumers. Hence,
such as crypto currency. to view the outcomes of the investment. we believe Digital will be a key enabler in
the execution of the demands of the 21st
Secondly, the mindset of investors has Additionally, there has been a shift in Century consumer and the next decade will
changed, with many now placing equal investors’ appetite for risk as a result of the be paramount in determining the key players
emphasis on the sustainability and social financial crisis, which has caused a significant that utilise this tool to its full potential.
Covid-19
Whilst the 2008 financial crisis has employees on furlough face rapidly rising just as we now work differently, shop
undoubtedly influenced market changes unemployment prospects, savings returns differently and interact differently, we will
over the past decade, 2020 has brought are squeezed further as negative interest also now invest differently – 2020 has
a new crisis which although is not rooted rates are contemplated and industry stock brought the perfect storm to transform
in financial services, will undoubtedly values collapse, entire industries (e.g. travel many aspects of the financial services
bring a new wave of knock-on implications and hospitality) are shut down at a stroke, industry. Atos anticipate even more pressure
for the AWM industry and public and private indebtedness hits from non-traditional service providers
– the COVID-19 pandemic. record levels, continuing to rise. who offer data-driven ecosystem platform
solutions that bring a level of choice and risk
The pandemic has clearly shown how How will the AWM industry respond to transparency way beyond that of established
quickly the stability of all areas of “normal” this new crisis and is it just a question of providers. A new wave of competition
life can be shaken, from government policy riding the storm or taking a proactive role from the so-called digital giants (Amazon,
to personal freedoms and job prospects to in supporting the recovery of the global Google, Facebook etc) may arise as they
perceptions of risk. Things that might have economy? It is almost inevitable that new further leverage their digital dominance,
been previously considered unthinkable, ways of thinking will be required – ones that market reach and corner sections of
suddenly become a reality. Government embrace efficiency, agility, transparency and the market with their focus on customer
policies on public spending and borrowing purpose, with investment approaches that engagement. The COVID-19 pandemic
are overturned at a stroke with bailouts being reward bigger picture thinking to collective looks set to be the most effective catalyst
promised to the tune of billions of [€,£,$....], benefit realisation. It is highly likely that for digital transformation yet.
06Data Democratisation
As legislation, globalisation and market to achieve it, providing those willing platform thinking with the introduction
demands become ever-increasingly more to invest in a platform the opportunity of Aladdin platform by Blackrock,
progressive, the rules of cooperation and for high volumes of transactions and the standardising many of the tools used
transactions within business networks resulting data. These parties are known in portfolio and risk management for any
become understandably more complex. as the Ecosystem Platform Operators. AWMs within a single integration standard.
There are key data points and sources Platforms such as Aladdin are already
that AWMs use to inform the decisions Ecosystem platforms are underlying generating the volumes and value chains
that they make, not all directly held technology environments which facilitate necessary for enabling services such
by their own organisation. Business network trustful exchanges of data, services as data analytics, extreme personalisation
participants desire standardisation of these and value between parties within a business and machine learning for the entire AWM
rules and may be willing to surrender network (Atos, 2020). We have already ecosystem to leverage.
sovereignty on selected data elements seen the first steps towards ecosystem
FinTech Influencers
Only very recently have players in the AWM Historically the ’mass-affluent’ have not a portfolio might react to various pressures,
industry begun to seriously acknowledge the interacted with AWMs however, FinTech for example a recession) are a simple
prospects of incorporating FinTech services influencers such as Trading212, eToro and example of the powerful way in which
into their own propositions. FinTech has Robinhood have reached this ‘mass-affluent’ FinTech can be leveraged to bring value
been a widely used term as recently as 2015 by utilising digital technologies to change to the operations of AWMs. The technology
pertaining to the use of digital technologies business models. For example, eToro required for such ‘Monte Carlo’ simulations
in the delivery of financial services and embraces social media characteristics with would require impressive computing power
seeing widespread adoption within B2C its CopyTrader feature to allow consumers and as the boundaries of software in finance
markets such as commercial banking, core to mimic the behaviours of top traders and are pushed so too are the boundaries of
savings products and micro-trading. In 2016, Robinhood attracts new investors with hardware in finance.
a survey gathering data from the FS sector commission-free stock and asset trading
found that whilst 60% of AWMs feared losing to mobile users in the US by baking fees As the industry evolves, players in
part of their business to FinTech companies, directly into stock purchase price. Traditional the AWM industry wanting to excel
34% still did not innovate with FinTech AWM organisations will need to utilise digital in the current climate must accept change
themselves. (PWC, 2017) in order to create unique go-to market and embrace the possibilities of FinTech
strategies that facilitate the growing in a sustainable manner.
Delivering high customer value via digital segment of digitally native consumers.
channels has become popularised by
FinTech providers, and the market now Whilst it is easy to see the customer facing
expects an omni-channel, hyper-personalised ways that FinTech has shaped financial
approach to digital banking, forcing many services offerings today, financial
retail banks to implement successful technology has also made large strides
customer portals which aggregate a in evolving the inward operations of firms
multitude of internal and external services such that AWMs can now make more
to compete with their NeoBank counterparts. informed decisions about investments.
However, many AWMs have not yet Many of the tools used by the modern-day
followed suit in manoeuvring their digital AWMs are derived from the leveraging of
engagement with customers and back office data visualization, RPA and AI. Stress tests
processes alike. (a tool allowing managers to simulate how
Redefining the Future of Asset & Wealth Management 07Enhancing Enterprise
Data & Insights
At Atos we believe that to address the The AWMs of today have access With computer processing speeds
challenges and ever-evolving landscape to comprehensive, insightful information increasing along with an ever-increasing
of AWM, data will be a key element and that their counterparts 40 years ago could list of data sets to be analysed, AWMs
differentiator. not dream of. need to take full advantage of the power
of technology to unlock the vast, obscure,
The more data available each day from Market, Customer and Fund data are unclean data that could hold the key to
a variety of sources, (e.g. satellite imagery the crucial areas of data that AMWs need the insight that informs their next decision.
of mining operations or tweets referencing accuracy from. Some of the challenges Whether this be the visualisation of historical
a specific brand) the more valuable insights that affect this data include the data being; trends via a simple line graph or AI driven
are available to AWMs. So, how do players unclean, untimely and inaccurate, this issue sentiment analysis of the latest quarterly
within the industry take advantage of this affects most aspects of the decision-making earnings report, without access to data
influx of new data? This is a question which is process that AWMs face. However, a managers’ the portfolio manager is blind. The platform
being tackled by every industry and market ability to gather or inspect this data in its raw with which they choose to access data is
on the globe. Technology is advancing in form is limited, so how can technology help? the tool with which they use to view their
such a way that facilitates the organisation, The importance of the ability of technology working world.
visualisation and measurement of this data. to process data cannot be understated.
Operational Technology
Imagining the art of the possible is key to the aforementioned key drivers of cost. in AWM in order to reduce management
maintaining an adaptable business model - Technology in the 21st century is adapting fees are vast and continue to grow alongside
allowing for the exploration of new ideas and to meet these needs at a rapid rate. their respective tech offerings.
for the pursuit of future ideals. However, we
also believe it is imperative to be objective Customer Relationship Management Proof of concept phases and centres
with the key drivers of cost and opportunity Software and Cloud Computing can of excellence will play a key role in
in an organisation such that when contribute greatly to reducing AWM demonstrating the value of these solutions,
technology is implemented, it tackles these costs and consequently their associated they’ll also act as key milestones, marking
areas effectively and creates measurable management fees. These are two widely progress and quantifying value creation.
value. AWM firms aren’t free from the costly adopted technology solutions, implemented Yet the overall synergy between core
administrative needs that come with running across many industries, but the possible functions and technology departments will
a large organisation, many of which are areas for application of existing technology define the firm’s progression towards digital.
08Ethics
Any strides taken in digitalisation without accounting for ethics will be made
in vain – particularly within the AWM industry. Whilst any digital solution
will still adhere to financial regulation, the wider picture of embedding
ethics into solutions is a hotly discussed topic – Atos have covered this in
detail in the Atos Digital Vision: Ethics opinion paper (Atos, 2020).
A key component of the digital future is Guidelines for Trustworthy AI’ (European Fear of the unknown can prevent any
AI – its ability to intersect data science with Commission, 2019) could prove crucial to form of change when the current ways of
societal goals provides significant potential for ensuring that AWMs achieve the necessary working are familiar, even if they are fraught
progress. Whilst this can be used to overcome standards of trust that will be expected from with problems of their own – the devil you
human bias (a fully understood problem AI implementation. This will be even more know is better than the devil you don’t. But
within AWM) difficulty arises in ensuring bias important as the AWM world is becoming a shift in perception is needed to realise
isn’t built into an AI solution. Once poorly more ESG (Environmental, Social & Corporate that digital solutions can be designed to
selected data is used to train AI, social, gender, Governance) conscious. At Atos, we believe systematically fight these issues, including
racial or other biases can creep into decision that AI, if implemented with the right ethical transparency of data transactions. Blockchain
making without human intervention. The framework will enable the industry to invest is a prime example, designed from the
future ecosystems powered by AI will not in a more ESG driven mode and bringing ground up to ensure data/value exchange
only have to deliver on efficiency but also sustainable returns. across independent parties that forgoes a
have excellence. These ecosystems will drive single gatekeeper to the data, and shaped
decision making and it is absolutely necessary There also needs to be trust in AI to handle by features of visibility, transparency,
that the AI behind the scenes is trusted. private customer data, and processes in immutability, auditability and real-time
place to ensure it isn’t sent where it’s not insight. Therefore, we strongly believe that
We believe that trust will be the differentiator supposed to be. A link between these issues Blockchain/DLTs will be the foundation of
in how quickly AWM adopts AI. Future circle around auditability and accountability many future ecosystems. This will give data
solutions need to extinguish the ambiguity of input, processes and outputs from owners, regulatory bodies and investors’
of the technology and the decision-making any given solution, which stems from a confidence in privacy and transparency
process. Investors and clients will need to lack of transparency of data transactions. of future ecosystems and be an enabler in
establish how and why investment decisions An understanding of ownership of data participating in industry led ecosystems.
were made, what considerations took place generated is fundamental for any cross-
and what the potential result could be via platform multi-party digital solution. These Digital solutions alone are not the saviour of
explainable AI principles. Following guidelines are significant challenges to overcome, which ethical progress. But if it’s not seen as an ally,
such as the European Commission’s ‘Ethics can be a blocker unto itself. then progress will be forever hindered.
Redefining the Future of Asset & Wealth Management 09A Way Forward
Hyper Personalisation (AI) Client Interaction Quantum Solutions
As technology progresses and we have There is no doubt in that we live in a new There is no doubt that quantum computing
access to more data along with enhanced reality post the COVID-19 pandemic. In April will present extraordinary opportunities for
analytical capability courtesy of artificial 2020, the CEO of Microsoft said “we’ve seen the FS Industry in the near future but how
intelligence tools, the role of the financial two years’ worth of digital transformation can AWMs prepare for and take advantage
advisor in the AWM industry will trend in two months” (Nadella, 2020). AWM players of the power of Quantum? We believe that
towards deep personalisation for the clients. who were still debating the pace of their as this technology progresses, we will see
Financial advisors will have access to historic digital agenda have had no choice but a shift from quantum being a cutting-edge
investment data to understand the patterns to accelerate their efforts and get on-board technology to required IT hardware. As this
in their clients’ investment decisions and be with new channels for client interaction technology filters into the AWM industry,
able to offer opportunities that may appeal or risk being left behind. Digital conferences players must take the necessary steps
to them. For example, being on Amazon. and video calls have become the norm to prepare their firms for the changes in
com and being presented with “you may for all matters of discussion, regardless of their industry to come. Atos has set out
also like” or “customers also bought” type their significance. The interaction between 5 key opportunities to prepare for these
of investments to add a real personal touch investors and banks saw limited disruption changes, covering; learning & development,
to the client offering. These changes may and it was business as usual. For example, quantum teams, quantum development
seem incremental, but they are adding to a trading desks at top investment banks tools, application readiness and quantum
new dimension for clients and evolving the on Wall Street were replaced by home risk assessments. Please see our ‘Quantum
status-quo. offices and we still saw record levels computing in financial services’ (Atos, 2018)
of trade transactions in order to meet paper for a more in-depth look at the exciting
client expectations. opportunities that quantum computing
presents in FS along with the way in which
Future ecosystems within the AWM industry Atos can assist in taking full advantage of a
will have to have customer experience quantum world.
at the heart of their operations. How clients
Be First, Be Smart, or be Both interface with their advisors, view their
investments and the level of transparency
In the connected world we live in, it is will be key requirements in retention. Digital
inventible that data will be generated from interaction will still have to be complemented
each; transaction, news headline, social by physical meetings and determining
media post and many other sources. what works well for each client. However, Data & Asset Ecosystems
However, for the AWM industry, the key KYC will have to go beyond the regulatory
is to gain advantage, by making use framework, and it will be much more about Atos anticipates that over the coming
of those new data points to generate value. forming a relationship that works well for years, the full potential of business platforms
For example, profiling new clients based both parties. For example, a tech-savvy such as Aladdin will be fully realised.
on the above-mentioned data points, millennial may be happier with a digital However, some organisations may become
gathering ‘customer DNA’. This could be only experience, yet a more traditional client uncomfortable with the tethering and
looking at a magazine article of a tech may prefer face-to-face meetings. centralisation of these large volumes of data.
entrepreneur who becomes wealthy and This may force the AWM industry to revaluate
could be looking to invest, a YouTube star the governance structures of such platforms,
who becomes an overnight celebrity with opting for solutions such as distributed ledger
1 billion views or a sports star who signs technology and API interfaces to decentralise
a record-breaking sponsorship deal. and untangle some components of the
This information is all around us and readily platform, avoiding single organisations
available, but what is required are technology from owning all the influence over the
enabled tools like AI and ecosystems technological tools employed by the industry.
to analyse and untangle the data in order
to act upon it. Organisations may choose to rebuild
components of the platform individually and
reconcile the standards under an ecosystem
platform in which creators of data and value
on the network own the permissions and
rights to those assets. Regulators may be
willing to support this by providing guidelines
of cooperation and limiting centralisation.
Collaboration focused regulations can
provide the certainty that companies require
new approaches and foster innovation. But it
may be that some jurisdictions lack the risk
appetite, leaving it to industry organisations
to take the lead in fostering less monopolised
ecosystem platforms and landscapes.
10Conclusion
For AWMs, the evolving nature of the Both the internal operations and external to an end, may fall victim to the pressures
industry could prove to be a frustrating offerings of AWM firms should continue to of the industry in a way that their more agile,
disruption to their BAU activities, or it could evolve alongside the developing market that tech-enabled counterparts do not.
prove to be an opportunity. By objectively they operate in. In order to facilitate this
analysing both the key pressures faced and evolution, they must adopt a suitable strategy Asset & Wealth Management firms should
the subsequent technology opportunities, that champions their progress towards digital embrace technology in an objective and
AWMs can begin to form their outlook and encourages interaction between core sustainable manner, that not only looks
on what exactly their journey towards digital functions and technology departments. boldly into the future but also realizes the
will look like. Those firms that shy away from these opportunities available today.
changes, seeing technology as a means
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Acknowledgements
Fahad Faisal – Head of Client Innovation - Financial Services UK&I
Joe Thomas - Business Consultant
John Hall – Head of Portfolio UK&I
Matt Cresswell - Financial Services Innovation Lead UK&I
Navin Rudhra - Digital Transformation Consultant
Oliver Townsend - Business Consultant
Redefining the Future of Asset & Wealth Management 11White Paper About Atos Atos is a global leader in digital transformation with 110,000 employees in 73 countries and annual revenue of € 12 billion. European number one in Cloud, Cybersecurity and High-Performance Computing, the Group provides end-to-end Orchestrated Hybrid Cloud, Big Data, Business Applications and Digital Workplace solutions. The Group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and operates under the brands Atos, Atos|Syntel, and Unify. Atos is a SE (Societas Europaea), listed on the CAC40 Paris stock index. The purpose of Atos is to help design the future of the information technology space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space. Find out more about us atos.net atos.net/careers Let’s start a discussion together For more information: fahad.faisal@atos.net Atos, the Atos logo, Atos | Syntel and Unify are registered trademarks of the Atos group. January 2021 © Copyright 2021, Atos S.E. Confidential information owned by Atos, to be used by the recipient only. This document, or any part of it, may not be reproduced, copied, circulated and/or distributed nor quoted without prior written approval from Atos. CT-210129-RY-J1252 ATOS-WP-ASSETMANAGEMENT
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