Millennium Management’s Rob Newton looks at the blurred lines between finance and tech, and why Ireland is poised to capitalise on the opportunities.
Today, technology can often be the gateway to new markets and new opportunities in finance, becoming critical to growth in an industry where scale can be a competitive advantage. This transition over the last decade reveals a fundamental reassessment of traditional roles and skillsets within financial services and presents new career opportunities for tech talent in Ireland.
With the growing imperative for technology expertise, Ireland has positioned itself at the heart of the intersection between finance and technology, supported by Ireland’s established track record as a leading destination for companies across both industries.
Transforming the financial sector
While start-ups have traditionally been seen as drivers of innovation like recent advances in AI, one can find the same dynamic and highly innovative culture in certain pockets of finance with the resources to incubate new ideas. Technologies that were once largely the domain of consumer tech are being applied in new and innovative ways in finance.
The financial markets are subject to ever-changing conditions, and portfolio managers themselves increasingly need sophisticated tools and technology to help navigate this complexity. Beyond providing scale, these tools can help portfolio managers harness expansive datasets and run complicated scenario analyses to help unveil relationships they might not have seen before.
Rob Newton. Image: Millennium Management
Increasing demand for technologists
Technology talent in the financial sector now comes from a broad range of sectors, whereas in my experience finance has historically sourced tech talent largely from within. That is in part why the financial sector in Ireland is undergoing a surge in hiring tech talent.
In March 2024, the Federation of International Banks in Ireland reported that 68pc of its members had increased their technology and innovation staff in the preceding two years, with plans to further expand in the coming two years.
Firms in the industry are now hiring employees with experience working in ‘big tech’ and the start-up ecosystem, among other sectors with advanced technology needs. At the same time, tech talent who may not have considered finance in the past are increasingly turning to the industry. At Millennium Management for example, applicants to the firm with ‘big tech’ experience increased 300pc between 2022 and 2023.
Ireland and financial innovation
While firms in our industry have expanded where and how we hire, one fact remains consistent: STEM education is critical, particularly as technology becomes increasingly important to our business and daily lives.
Ireland’s significant investment in STEM education has yielded impressive results. According to Ireland’s Central Statistics Office, Ireland boasted the highest proportion of STEM graduates as a percentage of its population in the EU in 2019.
Ireland’s location is also conducive to global and fast-moving businesses with easy access to important trading hubs like London and the US, and a time-zone facilitating coverage across many global regions.
Combined with its deep pool of local talent, Ireland is a key market for financial services firms that have made significant investments in technology, and who offer impactful careers in technology outside of the traditional technology sector.
The growth in tech hiring by the financial sector is surely welcome news for technology talent in Ireland who have previously had fewer options in an always dynamic technology marketplace.
By Rob Newton
Rob Newton is the global head of technology infrastructure at alternative investment management firm Millennium Management.
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