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REINVENTING OPERATIONS IN ASSET MANAGEMENT Asset managers are reshaping their back and middle offices for future success2 REINVENTING OPERATIONS IN ASSET MANAGEMENT What are asset managers currently investing in for the future? And how and why are they doing so? To find out, Accenture and the Investment Company Institute (ICI) have conducted an in-depth study into the investment operations of ICIs members. *The research covered 33 asset managers accounting for around $15 trillion of the industrys assets under management (AUM). The findings reveal how operations leaders at asset managers are working to overcome or at least keep pace withtodays challenges. While many managers are capitalizing on the switch to passive investing, the industry is being anything but passive when it comes to responding to the challenges it faces. *The Investment Company Institute (ICI) is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered to investors in jurisdictions worldwide. 42 % The asset management industry is at a critical juncture in its history. After a decade in which fee compression and the growth of index investing have driven sweeping change, these shifting economics are now converging with the relentless advance of regulation and disruptive technological breakthroughs. In response, asset managers are investing in innovation and reinvigorating their products and processes. of survey respondents believe their operations and technology are not configured to execute the firms overall strategy. AT A GLANCE3 REINVENTING OPERATIONS IN ASSET MANAGEMENT The results include: Widespread acknowledgement that operations must change radically to support firms evolving strategies. Operations leaders are responding to the need for change by calling for the disruption of several aspects of the investment lifecycle and are taking steps to transform their own operations. To do this, theyre taking concerted action to update their operating models. The majority have completed a major operating model change in the past three years, with the primary focus being process improvement. Theres also a strong consensus that the workforce must evolve to support the evolution of firms operations. Many asset managers are defining new skill requirements and refining their recruitment methods to obtain the talent needed for future success. While the challenges and responses differ depending on the size of the firm, what is certain across the industry is that operations leaders are responding to this ever-evolving landscape. Committing to a future of perpetual reinvention Reviewing the research findings, its clear that many asset management firms are moving to address the market pressures and competitive forces in the industry. Ultimately, they understand that the best way to prepare for the future is to create it. Thus, forward-thinking operations leaders are acting to reshape and reinvent their operations and evolve their talent for a disrupted world. 4 REINVENTING OPERATIONS IN ASSET MANAGEMENT THE ASSET MANAGEMENT LANDSCAPE Before reviewing the studys findings, this paper will consider the current state of the asset management industry. Industry pundits point to a set of six challenges asset managers need to address: The shift from active to passive investing The rise of technology- enabled disruptors 1. 4. Demographic changes Changing regulations 2. 5. Shifts in demand Increasing global complexity 3. 6.
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