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<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite the global monetary tightening, a finance ministry report said on Thursday. It further said inflationary pressures will ease in the coming months with the arrival of <keyword id="50318" type="General" weightage="50" keywordseo="kharif" source="Orion">Kharif</keyword> crops and at the same time, job opportunities will increase with improvement in business prospects. <br /><br /> The 'Monthly Economic Review for October 2022' also cautioned that the US monetary tightening is a "future risk" which could lead to a dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world. <br /><br /> It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession. <br /><br /> The spillovers of the global slowdown may dampen India's exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle with a strengthened financial system and structural reforms will provide impetus to economic growth going forward. <br /><br /> "In a world where monetary tightening has weakened growth prospects, India appears well placed to grow at a moderately brisk rate in the coming years on account of the priority it accorded (to) macroeconomic stability," the report said. <br /><br /> The ministry said, so far in the current year, India's food security concerns have been addressed and will continue to receive the utmost priority from the government. <br /><br /> "Easing international commodity prices and new Kharif arrival are also set to dampen inflationary pressures in the coming months," it said. <br /><br /> India's wholesale and retail price inflation fell in October after remaining high for the most part of the year mainly due to supply chain disruptions following the outbreak of the Russia-Ukraine war in February. <br /><br /> Retail or CPI inflation fell to a 3-month low of 6.7 per cent, while wholesale or WPI inflation was at a 19-month low of 8.39 per cent. <br /><br /> Russia and Ukraine are among the most important producers of essential agricultural commodities, including wheat, maize, sunflower seeds and inputs like fertilisers. <br /><br /> Together with other countries bordering the <keyword id="391209" type="General" weightage="50" keywordseo="black-sea" source="Orion">Black Sea</keyword>, they constitute the world's breadbasket. <br /><br /> Along with an uncertain macroeconomic outlook, the year 2022 also brought to the fore the vulnerability and interconnectedness of the global food system to shocks, the ministry said. <br /><br /> India's grain availability was impacted by the untimely heatwaves and deficiency of the southwest monsoon in the current year. However, export restrictions have ensured that the country's needs are fully met, it added. <br /><br /> With regard to the job situation, the ministry said in India the recovery in economic activities across sectors has improved the overall employment situation in the country. <br /><br /> Net payroll additions in <keyword id="6372438" type="General" weightage="50" keywordseo="epfo" source="Orion">EPFO</keyword> have witnessed double-digit growth in September 2022, reflecting improved formalisation of the economy. <br /><br /> "Hiring by firms is likely to witness an improvement in upcoming quarters driven by a rebound in new business hiring as firms continue to benefit from the lifting of the COVID-19 restrictions and optimism engendered by the vigorous sales volumes experienced during the festive season," the ministry said. <br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/853-tech-firms-lay-off-over-137492-workers-globally-more-job-cuts-coming/articleshow/95741115.cms">853 tech firms lay off over 137,492 workers globally, more job cuts coming</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-startup-using-vegan-leather-raises-4-5-million-funding-led-by-sig-venture-capital/articleshow/95741255.cms">Indian startup using vegan leather raises $4.5 million funding led by SIG Venture Capital</a></strong>

India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report

<p class="source"><span>REUTERS/Lucas Jackson</span></p><p class="caption">Mike Sha, the chief executive officer of SigFig. The firm has lost an executive overseeing quality assurance.</p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/sigfig">SigFig</a>'s director of quality assurance has left the robo-advice provider as one of at least three senior leaders to exit the fintech since August. </li><li><a href="https://www.businessinsider.com/sigfig-robo-adviser-cuts-10-percent-workforce-2019-10">We first reported</a> in October that the San Francisco-based firm had recently cut some 10% of its workforce, and had separately seen departures in top roles including its head of wealth management. </li><li>Robo-adviser startups like SigFig have aimed to disrupt the wealth business by offering automated financial advice at a lower cost than traditional human advisers. SigFig partners with some of the biggest wealth managers, including industry giant UBS.</li><li>SigFig last raised $50 million in a June 2018 funding round led by General Atlantic, with participation from returning investors including Bain Capital Ventures and DCM Ventures.</li><li><a href="https://www.businessinsider.com/author/rebecca-ungarino">Contact me</a> at rungarino@businessinsider.com or on the secure app Signal - number available upon request - using a nonwork phone.</li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more wealth management stories</a>.</li></ul><p><a href="https://www.businessinsider.com/category/sigfig">SigFig</a>, the financial technology firm and robo-adviser that's partnered with some of the largest US wealth managers, has lost another key senior leader.</p><p>Tung-Huy La, who was the firm's director of quality assurance, left SigFig this month, La confirmed to Business Insider.</p><p>SigFig last raised $50 million in a June 2018 funding <a href="https://www.prnewswire.com/news-releases/sigfig-raises-50-million-to-accelerate-growth-and-development-300668095.html">round</a> led by General Atlantic. The Series E round included participation from returning investors including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.</p><p><a href="https://www.businessinsider.com/sigfig-robo-adviser-cuts-10-percent-workforce-2019-10">We first reported in October</a> that the San Francisco-based firm had recently cut some 10% of its workforce - around 20 people - and had separately seen departures in top roles that helped sign up and take care of clients.</p><p>Martin Attiq exited in August as the firm's head of strategic partnerships, and Randy Bullard left in September as general manager of wealth management. Attiq moved into a role as an adviser to the firm; Bullard is now the global head of wealth at investment management software provider Charles River, which is owned by State Street. </p><p>SigFig did not respond to a request for comment. La said he was leaving for personal reasons.</p><p>"It was a hard decision for me as I really loved working at SigFig and it was like a family to me," he said.</p><p>Robo-advisers like SigFig, <a href="https://www.businessinsider.com/category/wealthfront">Wealthfront</a>, and <a href="https://www.businessinsider.com/category/betterment">Betterment</a> have aimed to disrupt the wealth business by offering automated financial advice to investors at a lower cost than traditional human advisers.</p><p>SigFig's recent departures signal holes in the leadership around its main line of business: white-labeling technology for its partner firms like UBS, <a href="https://www.businessinsider.com/category/wells-fargo">Wells Fargo</a>, and Citizens Financial, as well as the financial data provider Refinitiv.</p><p>SigFig's business largely differs from that of more traditional robo-advisers, which cater services directly to investors more than to firms and their advisers. Robo heavyweights Wealthfront and Betterment directly handle some $21.5 billion and more than $20 billion in client assets, respectively. </p><p>The firm, founded in 2007, directly oversaw some $485 million in assets under management as of March, according to its latest regulatory filing. That excludes assets held at other firms that use SigFig's technology on a white-label basis.</p><p>Prior to joining SigFig in 2014, La built up the quality assurance team at news aggregation website Flipboard, and served as its head of quality assurance, according to his SigFig bio. La previously led a similar team at Amazon.  </p><p><em><a href="https://www.businessinsider.com/author/rebecca-ungarino">Contact this reporter</a> at rungarino@businessinsider.com or on the secure app Signal - number available upon request - using a non-work phone.</em></p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-wrap-gift-present-fast-2017-12">Last minute gift wrapping? Here's how to wrap your present in under 2 minutes.</a></h3>

SigFig's quality assurance head has left the robo-advice fintech. He's at least the third senior leader to exit in 5 months.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Lucas Jackson</span></p><p class="caption">Mike Sha, the chief executive officer of SigFig.</p></div><p></p></div></div></p><ul class="summary-list"><li>SigFig, the robo-adviser that's inked deals to sell its tech to some of the biggest wealth managers, has  cut some 10% of its workforce - around 20 people - Business Insider has learned.</li><li>It's seen some recent departures in roles that helped sign up and take care of clients - Martin Attiq exited in August as the firm's head of strategic partnerships; Randy Bullard left in September as general manager of wealth management. </li><li><a href="https://www.businessinsider.com/ubs-head-of-americas-wealth-management-on-adviser-headcount-robos-2019-8">Visit BI Prime for more stories</a>.</li></ul><p>SigFig, the robo-adviser that's inked deals to sell its tech to some of the world's biggest wealth managers, has cut about 10% of its workforce - around 20 people - Business Insider has learned.</p><p>The company in recent months has also seen departures in roles heading up its strategic partnerships and overseeing wealth management client relationships. </p><p>The firm, founded in 2007, directly oversaw some $485 million in assets under management as of March, according to regulatory filings, but that doesn't include assets held at other firms like Wells Fargo that use SigFig's technology on a white-label basis.</p><p>Robo heavyweights Wealthfront and Betterment directly handle some $20 billion and $16 billion of client assets, respectively. </p><p>SigFig did not immediately respond to multiple requests for comment on the job cuts. </p><p>Robo advisers like SigFig are trying to shake up the wealth business by offering automated financial advice to investors at a lower cost than traditional human advisers. </p><p>SigFig's business largely differs from that of Wealthfront and Betterment, in that it markets its services primarily to wealth managers like UBS, Wells Fargo, as well as Citizens Bank Wealth Management, rather than directly to investors. </p><p>For example, <a href="https://www.businesswire.com/news/home/20180405005714/en/UBS-Wealth-Management-USA-Introduces-Digital-Advice">UBS in April 2018</a> launched its first US digital advice service by partnering with SigFig. That robo was geared towards UBS' Wealth Advice Center clients.</p><p>Earlier this month, SigFig and financial data provider Refinitiv <a href="https://www.refinitiv.com/en/media-center/press-releases/2019/october/refinitiv-and-sigfig-partner-to-deliver-digital-advice-technology-solutions-to-wealth-management-clients">said they were partnering</a> to offer SigFig's robos directly to clients that are already on Refinitiv's clearing and custody platform. </p><p>Separately, two high-ranking executives have exited in recent months. Martin Attiq exited SigFig in August as the firm's head of strategic partnerships, and Randy Bullard left in September as general manager of wealth management. </p><p>Attiq, who was previously with asset management giant BlackRock for a decade before joining SigFig in 2016, left the firm to explore other opportunities, the firm told Business Insider. He will stay on as an adviser, according to a post on his LinkedIn account. </p><p>Bullard, who was previously general manager of wealth management at the start-up, is now the global head of wealth at investment management software provider Charles River, which is owned by State Street. </p><p>SigFig last raised $50 million in a <a href="https://www.prnewswire.com/news-releases/sigfig-raises-50-million-to-accelerate-growth-and-development-300668095.html">June 2018 funding round</a> led by General Atlantic, with participation from returning investors including Bain Capital Ventures, DCM Ventures, Eaton Vance, New York Life, Nyca Partners, UBS, and Union Square Ventures.  </p><p><em>Dakin Campbell contributed reporting. </em></p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/escape-sinking-car-survival-skills-2017-4">Here's how to escape a flooding vehicle</a></h3>        <div>                    </div>    </div>

SigFig, the buzzy robo-adviser that's partnered with big wealth names, has cut around 10% of its staff

SigFig raised $120 million on the promise of reinventing investing, but hasn't announced a big partnership in years. Here's how it went from deals with UBS and Wells Fargo to struggling to compete.

Short news aggregator Inshorts on Thursday said it has secured $60 million in funding from <keyword id="2603376" type="PERSON" weightage="20" keywordseo="Vy-Capital">Vy Capital</keyword> with participation from existing investors.<br /><br />Inshorts, which also operates location-based social media platform Public, has raised $140 million in the last one year from investors including Addition, <keyword id="526777" type="COMPANY" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword>, <keyword id="857014" type="ORGANIZATION" weightage="20" keywordseo="SIG">SIG</keyword>, A91 and <keyword id="7316344" type="UNKNOWN" weightage="20" keywordseo="Tanglin-Venture-Partners">Tanglin Venture Partners</keyword>.<br /><br />"The world is changing every minute, and each one of us has an inherent desire to remain updated about these changes. Both <keyword id="11645814" type="UNKNOWN" weightage="20" keywordseo="inshorts-app">Inshorts App</keyword> and Public App are aimed to help some of these people in their quest of keeping themselves informed," said Azhar Iqubal, Co-Founder and CEO.<br /><br />Inshorts has more than 10 million users on its platform. The app curates the most significant news items of the day, across categories like national, world, politics, business, sports, technology and entertainment, in just 60 words.<br /><br />Inshorts said it has more than 3 billion page views per month.<br /><br />"We are excited to partner with Azhar and team in their journey to build one of the largest content platforms out of India, running two market leading properties with a rapidly growing user base," said Vamsi Duvvuri, Partner, Vy Capital. <br /><br />The company launched Public app two years ago. The app has over 50 million active users and sees one million videos being created every month. <br /><br />It is available in all major languages including Hindi, Bengali, Punjabi, Telugu, Tamil, Kannada, Malayalam, <keyword id="62349" type="COMPANY" weightage="20" keywordseo="Odia">Odia</keyword>, Assamese, Gujarati and Marathi.<br /><br />Public has amassed a large user base in the Tier 2, Tier 3 cities.<br /><br />Public earlier raised Rs 260 crore in funding led by Addition, along with SIG and Tanglin Venture Partners.<br /><br />It is a social network for hyper-local updates and happenings to hyper-local commerce, jobs, classifieds and more.<br /><br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/windows-365-operating-system-can-be-accessed-from-an-android-device-mac-ipad-or-even-linux/articleshow/84436022.cms">Windows 365 lets you use the Windows operating system from any device, anywhere</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-says-goodbye-to-fleets-within-months-of-its-rollout/articleshow/84435334.cms"><strong>Twitter says goodbye to Fleets within months of its rollout</strong></a><br />

News aggregation app Inshorts raises $60 million from Vy Capital and existing investors

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Arnd Wiegmann</span></p><p class="caption">UBS CEO Sergio Ermotti addresses the firm's annual shareholder meeting in Basel, Switzerland in 2017.</p></div><p></p></div></div></p><ul class="summary-list"><li>UBS wealth management executive John Mathews is so encouraged by a collaboration with SigFig on a digital wealth tool for smaller accounts that he's looking at what can be done for wealthier clients, particularly when it comes to the next generation. </li><li>Mathews, who leads UBS' private wealth management and ultra-high-net-worth business for the Americas, spoke about digital capabilities and adviser headcount with Business Insider.</li><li>"We like the number we're at now, and we actually think we're probably even better with a few hundred less financial advisers," he said at the bank's Manhattan offices. </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more stories</a>.</li></ul><p>UBS rolled out a digital wealth platform in <a href="https://www.businesswire.com/news/home/20180405005714/en/UBS-Wealth-Management-USA-Introduces-Digital-Advice">April 2018</a> by teaming up with fintech startup SigFig, and at the time promoted it largely as a nice-to-have enhancement for smaller US clients.</p><p>Now, John Mathews, the head of private-wealth management and ultra-high net worth at UBS Global Wealth Management for the Americas, told Business Insider he is looking at possible ways to put digital services to use with some of the bank's richest customers.</p><p>And the next five years will be key in terms of selling high-end wealth management to a younger audience and what UBS, the world's largest wealth manager, expects to be an increasingly diverse clientele, Mathews said in a recent interview. The bank meanwhile has "no interest" in expanding adviser headcount, he said. </p><p>"We've been so impressed with it, I actually am starting to look at it for things I can do with the ultra-high-net-worth clientele. Especially from the next generations," Mathews said about the SigFig collaboration. </p><p><a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a>, which scaled its investment banking business back in the years following the financial crisis, has prioritized the US wealth market with the intent to add assets and revive wealth management margins there. Across the industry, profit margins have come under pressure as fees fall and fierce competition mounts for clients' money.</p><p><em><strong>Read more: </strong></em><em><a href="https://www.businessinsider.com/morgan-stanley-wealth-management-profitability-margin-analysis-wall-street-2019-7">Morgan Stanley's wealth management arm is now the most profitable it's ever been. Wall Street is already questioning how long that can last.</a></em></p><p>But UBS is not looking to add adviser headcount, Mathews said, and could make do with several hundred fewer advisers. Instead, it has been focused on higher-end clients and making advisers more productive.</p><p>"We like the number we're at now, and we actually think we're probably even better with a few hundred less financial advisers," he said.</p><p><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>UBS</span></p><p class="caption">UBS' Mathews heads up private wealth management in the Americas.</p></div><p></p></div></p><p>In its second-quarter earnings report, UBS said it had 6,689 US-based advisers, the most of its four regions. It reported 10,294 total across the US, the Asia Pacific, Europe, Middle East and Africa (EMEA), and Switzerland. That's down from 6,790 and 10,463 in the first quarter. </p><p>Amid fierce competition for adviser talent, UBS followed competitor Morgan Stanley two years ago in exiting the so-called broker protocol, in essence an agreement among industry players to not sue brokers who quit for jobs at competitors. At the time, outlets including <a href="https://www.reuters.com/article/us-ubs-group-wealth-protocol/ubs-exits-recruiting-pact-following-morgan-stanley-idUSKBN1DR2CS">Reuters</a> and <a href="https://www.bloomberg.com/news/articles/2017-11-27/ubs-will-exit-broker-pact-weeks-after-morgan-stanley-defection">Bloomberg</a> reported that UBS wealth executive Tom Naratil said in an internal email his priority was boosting productivity. </p><p>UBS, along with wirehouse rival Morgan Stanley, has been emphasizing the importance of adviser-based revenues to balance out more volatile and capital-intensive businesses. And like <a href="https://www.businessinsider.com/wealth-management-executives-list-memorable-requests-from-rich-clients-2019-8">many firms</a> playing in the high-end space, UBS views the <a href="https://www.businessinsider.com/brown-brothers-harriman-managing-director-on-digital-strategy-wealth-2019-7">personal touch</a> as key.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/wealth-management-executives-list-memorable-requests-from-rich-clients-2019-8">Herding cows and hiring private investigators: Wealth advisers told us their stories about next-level requests from uber-rich clients</a></em></p><p>"It's a business that you can't Uber-ize, you can't Airbnb it - it's not a digital business, even though you have to have digital capabilities," Mathews said.</p><p>Still, digital advice may have a place when human advisers are helping families with generational wealth, he said, and is a potential stepping stone between lower-end offerings and higher-touch services.</p><p>The SigFig-powered platform, which UBS <a href="https://www.ubs.com/global/en/ubs-news/r-news-display-ndp/en-20180405-wealth-advice-center-clients.html">calls</a> its first digital advice tool for US clients and allows users to track financial goals and access digital portfolio guidance, has been aimed at smaller wealth clients that use salary-based UBS employees for financial advice. Mathews said the results of those pairings have him thinking about what he can do for richer customers.</p><p>"I think we're ahead of schedule with our product and the feedback from clients has been great, so we've been really excited about it," he said. He said that digital platforms can give younger people "hands-on experience" managing their own money that can be tied in to a financial adviser relationship.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/deutsche-bank-morgan-stanley-execs-on-wealth-management-technology-2019-8">Tech is now essential in the battle to recruit and keep wealth talent. Deutsche Bank and Morgan Stanley execs gave us their pitch.</a></em></p><p>Mathews said that a big <a href="https://markets.businessinsider.com/news/stocks/more-than-15-trillion-in-global-wealth-to-be-transferred-by-2030-1028310838">wealth transfer</a> between generations is expected in the coming years, and digital is part of appealing to a broader client base and capturing those assets.</p><p>"We have five years to get that right, or we won't have clients. That's my stake in the ground," he said.</p><p>The massive wealth transfer expected in the coming decade is shaping many wealth managers' thinking about working with younger clients. Individuals with a net worth of $5 million or more - some 550,000 people - will transfer $15.4 trillion of wealth by 2030, <a href="https://www.wealthx.com/wp-content/uploads/2019/07/Wealth-X_Family-Wealth-Transfer-Report_2019.pdf">estimates</a> Wealth-X, a wealth and financial research firm. More than half of that wealth transferred will be in North America, according to the firm.</p><p>"Our digital experience is all part of that, so we have to be able to offer that as a tool for whatever generation the family needs help with," Mathews said.</p><p>SigFig has worked with other bulge-bracket and regional players in the space. The fintech  has partnered with <a href="https://newsroom.wf.com/press-release/wealth-and-investment-management/wells-fargo-advisors-and-sigfig-collaborate-digital">Wells Fargo Advisors</a> and <a href="https://www.prnewswire.com/news-releases/sigfig-announces-digital-wealth-platform-for-advisors-expands-partnership-with-citizens-bank-wealth-management-300739837.html">Citizens Bank Wealth Management</a> to build out digital wealth advisory offerings. The 12-year-old San Francisco-based company is backed by the likes of Bain Capital Ventures and Union Square Ventures.</p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/animated-map-shows-cats-spread-across-world-2017-9">Animated map shows how cats spread across the world</a></h3>        <div>                    </div>    </div>

UBS' Americas wealth head says he thinks losing a 'few hundred' advisers would not be a bad thing, and is looking at what robos can do for some of the bank's richest clients

<p>The race is on.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://commons.wikimedia.org/wiki/File:London_Grand_Prix_2012_100m_Hurdles.jpg">Wikimedia Commons</a></span></p></div><p></p></div></div></p><p>Across the fund management and retirement industry, legacy fund management companies are partnering with and buying up roboadvisers. </p><p><span>These automated investment services utilize algorithms to manage and allocate people's assets. Since they don't require human beings to operate, they offer much lower fees than traditional advisers while delivering similar returns. </span></p><p><span>And their rapid growth has disrupted the investment space, forcing well-established financial firms to act. </span></p><p>The latest example:  John Hancock Financial and <span>NextCapital.</span></p><p><a href="https://nextcapital.com/#/">NextCapital</a>, a Chicago-based fintech company, recently <span>announced it would provide <a href="http://www.johnhancock.com">John Hancock Financial</a>, a retirement plan provider with $150 billion AuM, a platform that delivers automated financial advice to its nearly 2.7 million 401(k) participants.  </span><span>The plan will include "portfolio tracking, planning, savings advice and portfolio management."</span></p><p><span>Robert Foregger, cofounder of NextCapital, </span>told Business Insider that we are witnessing the "third wave of computerization" in the financial services industry. </p><p>"We have seen the shift from traditional to online banking and traditional to online brokerage," Foregger said.</p><p>"Right now we are transitioning from traditional to digital advice and wealth management for both the 401K and retail markets," he added.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP Photo/Ng Han Guan</span></p><p class="caption">Children dance with a companion robot displayed at the World Robot Conference held in Beijing, China, Friday, Oct. 21, 2016.</p></div><p></p></div></div>Peter Gordon, CEO of John Hancock told Business Insider that the joint-venture is a perfect response to recent changes in consumer preferences and a new regulatory environment in which "scalable personal financial advise" is preferred. </p><p>"It marries our institutional knowledge, which is fantastic, with a very clever platform for delivering automated financial advice to investors," said Gordon. </p><p>It's the latest in a long line of such deals.</p><p><a href="http://www.businessinsider.com/r-exclusive-wells-fargo-to-unveil-robo-adviser-partnership-with-sigfig-2016-11">Wells Fargo unveiled a roboadvisor partnership</a> with Arizona-based SigFig in November 2016. That's the same fintech that partnered with <a href="http://www.fa-mag.com/news/ubs-americas-wealth-unit-partners-with-robo-advisor-26895.html">UBS America's wealth unit in May 2016</a>. </p><p>Other firms have responded to the growth of roboadvising by simply buying them out. For instance, in 2015 <a href="https://www.ft.com/content/aa146994-4b61-11e5-b558-8a9722977189">BlackRock acquired FutureAdvisor for an estimated $150 - $200 million</a> and <a href="http://www.fa-mag.com/news/fidelity-acquires-emoney-advisor-20690.html">Fidelity picked up eMoney</a>. </p><p>Those partnerships have helped take assets under management by roboadvisors to new highs. In 2015 global assets under management by roboadvisors stood at a just $100 billion. In 2016 that amount doubled to $200 billion. The estimate for 2017 is $600 billion. <a href="http://www.businessinsider.com/the-2-trillion-opportunity-for-robo-advisors-2016-6">And by 2018 AuM is expected to reach $1.5 trillion</a>. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/royal-mint-new-twelve-sided-one-pound-coin-queen-elizabeth-secure-coin-hologram-2017-1">The new 12-sided £1 coin will be the most secure coin in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N0aW1wODE6jQB25FprTUffuW8b_d13GC" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Wall Street is witnessing a 'third wave of computerization'

<p>Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week. </p><p><a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">If you aren't yet a subscriber, you can sign up here.</a></p><h3><strong>Blue team, white team - go</strong></h3><p>Cboe and CME are <a href="https://www.businessinsider.com/jon-najarian-cme-cboe-shut-trading-floors-coronavirus-2020-3">clearing their trading floors</a> to limit large gatherings. <a href="https://www.businessinsider.com/barclays-employee-in-new-york-city-has-coronavirus-2020-3">Barclays</a> and <a href="https://www.businessinsider.com/ice-intercontinental-exchange-london-office-closed-confirmed-coronavirus-case-2020-3">Intercontinental Exchange</a> were among the latest firms with confirmed coronavirus cases. And Goldman leaders this week sent a memo detailing the bank's own coronavirus response. </p><p><strong><a href="https://www.businessinsider.com/goldman-sachs-coronavirus-contingency-memo-sent-to-employees-2020-3">Read the full memo Goldman Sachs top brass just sent detailing the firm's contingency plans, including separating employees into 'blue' and 'white' teams to alternate working from the office and home</a>.</strong></p><p>With <a href="https://www.businessinsider.com/wall-street-contingency-plans-and-policies-for-coronavirus-2020-3">dealmakers forced to hunker down and limit travel as coronavirus spreads</a>, we're already starting to see how these measures are hurting business. </p><p>As Casey Sullivan reports, major US law firms are experiencing a dropoff in deal work, with practice areas such as M&amp;A and other corporate work seen as particularly vulnerable. "People want to look you in the eyes before they sell a company to you," one insider said. The malaise could lead financially strong firms to poach from weaker ones, with clear winners and losers emerging from the turmoil, recruiters and consultants said. </p><p><strong>Read the full story here: </strong></p><h3><a href="https://www.businessinsider.com/major-law-firms-see-slowdown-from-coronavirus-2020-3">With Big Law M&amp;A work evaporating as coronavirus spreads, some firms are about to make bank. Here are the winners and losers.</a></h3><h3>Vol, macro strategies shine</h3><p>Artemis Capital's flagship Vega Fund fell more than 13% last year when the markets churned relentlessly higher. But the volatility-linked fund is now in its element, Bradley Saacks reports, as markets have been thrashed by the quickly spreading coronavirus and a glut of oil supply that's sent crude oil prices tumbling. </p><p>It shows how some hedge funds are getting a chance to finally shake off years of uninspiring returns and woo back investors that had been getting fed up with hefty fees. </p><p><strong>Read the full story here: </strong></p><h3><a href="https://www.businessinsider.com/volatility-hedge-fund-artemis-capital-run-by-chris-cole-surges-2020-3">Business is booming for certain types of hedge funds as coronavirus rocks markets. These 6 have returned as much as 14% with bets focused on volatility and macro trends.</a></h3><h3><strong>SigFig's rise and stall </strong></h3><p><strong></strong></p><strong></strong><p>SigFig has raised some $120 million in funding from the likes of DCM Ventures and Bain Capital Ventures and signed partnerships with industry giants with the promise of powering wealth-tech. But in recent months, a string of execs and other employees have left, 10% of its workforce was cut, and wealth deal growth has slowed since it partnered with UBS and Wells Fargo four years ago.</p><p>Rebecca Ungarino spoke with a dozen sources  who described the Silicon Valley startup's rise and more recent struggles to compete in a crowded space.</p><p><strong>Read the full story here: </strong></p><h3><a href="https://www.businessinsider.com/inside-the-rise-and-challenges-sigfig-the-robo-adviser-fintech-2020-3">SigFig raised $120 million on the promise of reinventing investing, but hasn't announced a big partnership in years. Here's how it went from deals with UBS and Wells Fargo to struggling to compete.</a></h3><h3>JPMorgan embraces fintech with RPOC</h3><p>JPMorgan's corporate and investment bank has implemented a new program to quickly make assessments on fintechs it's looking to work with. Dan DeFrancesco talked with Michael Elanjian, head of digital innovation at JPMorgan's CIB, about how the bank is aiming to cut down the average time and money needed to evaluate startups. </p><p>As Wall Street looks to work with startups now more than ever - either through partnerships, investment, mentorship or as a customer - all are <a href="https://www.businessinsider.com/jpmorgan-morgan-stanley-goldman-sachs-work-with-fintechs-2020-2">interested in speeding up the selection process</a>. </p><p><strong>Read the full story here:</strong></p><h3><strong><a href="https://www.businessinsider.com/jpmorgan-executive-explains-rapid-poc-program-for-fintechs-2020-3">JPMorgan slashed how long it takes to test out fintechs from 9 months to 3 weeks with a new process that could save it millions as it looks to buy, invest in, or work with more young companies</a></strong></h3><h3><strong>Snowflake's Wall Street data play</strong></h3><p><strong></strong></p><strong></strong><p>As Bradley and Dan report, a new product from one of the hottest tech startups is geared toward addressing a major need for Wall Street, and its execs believe it will lead to big business for a company that has already proved wildly successful.</p><p>Snowflake, the cloud-data platform last valued at $12.4 billion, is in the early stages of signing up customers for a data exchange where providers can connect with the consumers in a marketplace hosted and managed by the startup. </p><p><strong>Read the full story here: </strong></p><h3><a href="https://www.businessinsider.com/cloud-software-unicorn-snowflake-rolling-out-new-data-exchange-2020-3">$12.4 billion startup Snowflake is targeting Wall Street with a new data exchange that's already signed up FactSet and Coatue</a></h3><h3>How RE/MAX is looking for a tech edge in a fierce battle for agents</h3><p>RE/Max, like other brokerages, is racing to keep up with Compass, which has grown from <a href="https://www.mikedp.com/articles/2019/5/1/inside-compass-part-1-growth-strategies" target="_blank" rel="noopener noreferrer">roughly 2000 agents at the beginning of 2018 </a>to <a href="https://therealdeal.com/2019/12/31/compass-cites-progress-on-2020-by-2020-goal-but-not-there-yet/" target="_blank" rel="noopener noreferrer">15,000 by the end of last year</a>. Compass, <a href="https://www.businessinsider.com/compass-valued-at-64-billion-in-latest-fundraising-round-2019-7" target="_blank" rel="noopener noreferrer">flush with cash from SoftBank</a>, acquired <a href="https://www.contactually.com/press/press-releases/compass-acquires-contactually" target="_blank" rel="noopener noreferrer">CRM provider Contactually in February 2019</a>. and has used its technology as a tool to recruit agents from other brokerages.</p><p>As Alex Nicoll explains, RE/MAX has acquired tech providers and brought its tech fully in-house, while other competitors partner with external tech providers.</p><p><strong>Read the full story here: </strong></p><h3><a href="https://www.businessinsider.com/inside-remaxs-tech-transformation-and-two-key-acquisitions-2020-3">Real estate giant RE/MAX is spending tens of millions on tech to keep up with Compass. Here's its M&amp;A playbook.</a></h3><h3>On the move</h3><p><a href="https://www.businessinsider.com/bank-of-america-cto-cloud-strategist-left-bank-2020-3">Bank of America's CTO</a>, who played a key part in a private-cloud strategy execs praised for saving billions, has left the bank. And <a href="https://www.businessinsider.com/wells-fargo-advisors-exec-involved-in-navigating-reg-bi-retiring-2020-3">a veteran Wells Fargo Advisors exec</a> who helped navigate sweeping regulatory changes to the wealth industry just retired.</p><p><strong>More highlights from the finance team: </strong></p><ul><li><a href="https://www.businessinsider.com/doordash-ceo-talks-ipo-timing-and-coronavirus-2020-3">We spoke with the CEO of DoorDash after the food-delivery giant filed for an IPO - here's how he feels about the competition, coronavirus, and going public</a></li><li><a href="https://www.businessinsider.com/coronavirus-recession-outlook-morgan-stanley-best-positioned-goldman-sachs-analysts-2020-3">Why Goldman Sachs analysts think Morgan Stanley's stock will be Wall Street's big winner if a full-blown coronavirus recession strikes</a></li><li><a href="https://www.businessinsider.com/jon-najarian-cme-cboe-shut-trading-floors-coronavirus-2020-3">CME and Cboe are clearing trading floors as coronavirus spreads, and one veteran trader thinks the millions they'll save will be too good to ever reopen the iconic pits</a></li><li><a href="https://www.businessinsider.com/morgan-stanley-venture-capital-feedback-fintechs-startups-2020-3">A Morgan Stanley exec gave us an inside look at its new VC partnership program aimed at helping fintechs pitch the Wall Street giant</a></li><li><a href="https://www.businessinsider.com/coronavirus-concerns-could-drive-adoption-of-contactless-payments-2020-3">People are rethinking daily habits like touching dirty dollar bills as coronavirus spreads. This could be the catalyst that finally triggers the US to tap their phones to pay.</a></li><li><a href="https://www.businessinsider.com/behavox-ceo-explains-backing-from-softbanks-vision-fund-2-2020-3">SoftBank's Vision Fund 2 pumped $100 million into Behavox - and the startup's CEO says that's twice what he was looking for</a></li><li><a href="https://www.businessinsider.com/bridgewater-is-shorting-adidas-santander-bayer-siemens-bbva-bnp-2020-3">Massive hedge fund Bridgewater just made an $11.8 billion bet against giant European companies like Bayer, Santander, and Adidas as the coronavirus spread has Italy on lockdown</a></li><li><a href="https://www.businessinsider.com/robinhood-responds-second-major-outage-month-2020-3">Robinhood is still trying to figure out what caused its latest outage, which crippled the stock-trading app during a historic day for markets</a></li><li><a href="https://www.businessinsider.com/seventy-five-percent-cuts-managed-by-q-after-wework-sale-2020-3">Managed by Q just slashed most of its remaining staff after WeWork unloaded the business at a massive discount</a></li></ul>

You Searched For "sig venture capital" and got 8 results

India well placed to grow at a 'moderately brisk rate', inflation to ease says a Finance Ministry report

PTI

SigFig's quality assurance head has left the robo-advice fintech. He's at least the third senior leader to exit in 5 months.

Rebecca Ungarino

SigFig, the buzzy robo-adviser that's partnered with big wealth names, has cut around 10% of its staff

Rebecca Ungarino

SigFig raised $120 million on the promise of reinventing investing, but hasn't announced a big partnership in years. Here's how it went from deals with UBS and Wells Fargo to struggling to compete.

Rebecca Ungarino

News aggregation app Inshorts raises $60 million from Vy Capital and existing investors

IANS

UBS' Americas wealth head says he thinks losing a 'few hundred' advisers would not be a bad thing, and is looking at what robos can do for some of the bank's richest clients

Rebecca Ungarino

Wall Street is witnessing a 'third wave of computerization'

Frank Chaparro

Big Law M&A work slumps; volatility funds shine; Goldman picks teams

Meredith Mazzilli

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