Poacher turned Gatekeeper: Steve Burn-Murdoch speaks to Pirum's Philip Morgan
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In some ways, technology can be a friend to these financial institutions in terms of giving them more efficiency. However, there is a more ethereal kind of risk out there or macro risk that actually some of these technologies enable complete quantum shift of the operating model. It's going to be fascinating to see to what extent technology is a a friend or a foe for the industry as we go forward.
Welcome to Orbit, the HG podcast series, where we speak to leaders and innovators from across the software and tech ecosystem and discuss the key trends that change how we all do business. I'm Steve Byrne Murdoch, an investor at HG, and I'm thrilled to be joined today by Phil Morgan. The CR of Paramount. Perm is a global automation and productivity platform for securities finance transactions, serving many of the world's largest banks, custodians, and asset managers. Thanks for tuning in, Phil.
Thanks Steve. As you said, I'm CEO of Piram. been at Piram for just over six years and before that was a practitioner for over twenty years, working in a number of large financial institutions, banks, running trading desks, I guess before I decided to turn poach poacher, turn gamekeeper and join the fintech side of the fence.
Oh fantastic. Do you want to talk a little bit about that journey and almost what led you to to join Pyram and to sort of move from being I think a customer of the product to running the business?
Sure. I'd like to say it was a grand plan, a grand vision my whole career, but often, you know, you get presented with opportunities and and and y you play from that. But look, I I you know, I had a Highly rewarding and varied. you know, twenty-odd year career at various kind of bulge bracket banks. But I guess towards the end of my kind of period or or or or career in in the banks, th what I realized what what I really enjoyed was the kind of problem solving and the innovation element of the businesses. And increasingly, for a number of different reasons, that was increasingly difficult to to implement change and create kind of innovation and be agile. within banks. So I'd been a cus as you alluded to, I'd been a customer of Piram's for five or six years in in my last in my last role running a a a trading division at Namura.
And given that kind of connectivity, I really felt Piram had built a fantastic position in the market, but more so was in a really unique position to try and help the industry with some of the challenges it was facing and it would be facing in the coming coming years. So so I guess what really I guess it was a kind of evolution in some senses that what I really liked was problem solving and and creating solutions and and in a sense joining or or developing a fintech allowed me to create those solutions but but but offer them across the industry and not just to one particular institution. So I guess that's kind of how
How I got to where I am. Can you bring the industry to life? Because I'm conscious it's a enormous complex complex ecosystem. Yeah, ch can you bring it to life for us, just that that level of depth and complexity that that that you've looked after for for so many years?
Sure, yeah, well I'll try. Securities finance is is a huge industry, probably not particularly well known by you know the the man or woman on the street, but hugely important to the functioning of asset managers, pensions, uh, and banks. So if you have a unit trust fund, if you have a pension fund, if you invest with asset managers, which I'm sure a lot of the listeners do, all of those Institutions will be involved in securities financing in one way or another. In terms of the scale, it's a $17 trillion AUM business. There's around 2,000 market participants, millions of transactions being processed today and managed. And I guess what's kind of interesting and maybe not necessarily obvious to your listeners is
That a number of the market, these market participants, or a lot of the market participants, still, you know, even in this day and age, still have a huge amount of kind of efficiency challenges, automation challenges that they're struggling with on a day-to-day basis.
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