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Ahead of the curve Forward-looking solutions for tomorrows leading asset management firms2 Contents Introduction 3 Leverage M&A to accelerate transformation 5 Elements of an agile operating model 7 Digital-enabled distribution 9 Robotic automation and the cognitive enterprise 11 Regulatory readiness and productivity 15 Technology as a differentiator 17Advanced analytics 17Cloud 18Blockchain 20 Conclusion 22 End notes 23 Contacts 243 In the midst of an ever-evolving market characterized by shifting buyer behaviors, disruptive technologies, and fiduciary-driven regulations, todays leading asset management firms face an operating environment full of unprecedented challenges and complexities. Tomorrows leading asset management firms must develop and implement innovative and effective solutions now to stay ahead of the curve. Asset management executives worldwide have long been the beneficiaries of a lucrative and benign operating environment. The resulting broad growth rewarded many asset managers, even those with functional deficiencies in strategic plans and operating models. Now, the industry faces a reckoning driven by two primary factors: Costs: Shrinking expectations for capital market returns and slowing organic growth have combined to reveal the industry is not as scalable as previously believed, with expected fixed cost increases now outpacing likely future revenue growth. Asset management executives are reviewing how they allocate costs among current and future business lines. Consumers: As individuals, rather than institutions, begin to provide the industrys future growth, asset management increasingly looks like other consumer businesses dramatically changing buying demands, desire for a strong customer experience, and fee sensitivity. 1As asset managers pursue a variety of solutions, Deloitte Global has observed six solutions that have the potential to provide exceptional value in this shifting landscape: Introduction Ahead of the curve | Introduction 01. Leveraging M&A to accelerate transformation: Defining a growth strategy which may involve acquisition or consolidation to better address economic pressures, the need for new capabilities, and/or a shifting value chain. Adopting and/or experimenting with disruptive technologies such as Advanced Analytics, Cloud and Blockchain that have the potential to transform the asset management value chain. Implementing dedicated bots that replicate human actions and judgment with enhanced speed, scale and quality to automate components of middle and back-office functions dealing with reporting, compliance, accounting, and administrative activities. 04. Robotic automation and the cognitive enterprise Consolidating or adopting new regulatory solutions, such as regulatory technology (RegTech), to manage risk and compliance efforts to address cross-jurisdictional regulatory agendas. 05. Regulatory readiness and productivity 06. Technology as a differentiator Defining a global target state operating model that better aligns the firms organizational structures, governance, behaviors, processes and technologies with its priorities and enables a firm to better execute its strategy. 02. Elements of an agile operating model Adopting disruptive technologies to reduce distribution costs and create new product/ advice delivery models to support the demand for innovative and personalized investment experiences. 03. Digital-enabled distribution Forward-looking solutions for tomorrows leading asset management firms4 As competition continues to increase across the industry, the pursuit of innovative, non-conventional, and differentiating solutions has become more important than ever. As tomorrows leading asset managers work to define their future growth paths they have an opportunity to leverage these six solutions to transform their value propositions, service offerings, and models. It will be bold strategic changes, rather than incremental shifts, that will characterize the firms who thrive vs those who will be forced to consolidate. 2Ahead of the curve | Introduction5 The asset management industrys traditional operating models are under pressure due to escalating costs and accelerating fee pressures. In this environment, buyer preferences are also evolving, with investors seeking to increase their exposure to passive vehicles as a complement to both traditional active management and alternative strategies. Leading asset managers must meet this demand while maintaining profitable growth. Asset managers are actively seeking new ways to differentiate themselves in an increasingly crowded marketplace. This competitive environment will put a premium on true differentiation, pushing managers to focus their investments into products and markets likely to yield the greatest return at the lowest possible cost. As a result, mergers and acquisitions are expected to accelerate, increasing the pace of transformation and pushing scale to combat rising costs. There are four primary value drivers advancing the need for transformative change in the asset management landscape: 3 Globalization: Renewing focus on global markets to drive scale and directly address growth market opportunities. Distributor efficiency: Focusing distribution capital investment, securing strategic partnerships, and embracing next-generation technology solutions to increase scale and efficiency. Enhanced capabilities: Differentiating product offerings and shifting to more goal-oriented strategies to address the rise of passive investment vehicles and fee pressures. Shifting value chain: Extending capabilities beyond product into advice, resulting in greater client ownership and economics. As asset managers are increasingly using inorganic methods to accelerate the pace of change, the past two years have seen a spike in merger activity in the asset management space, with the average deal value reaching US$536 million in 2016, the highest figure in over a decade and nearly 2.5 times the average transaction value in 2015. 4This activity has been particularly notable in the asset servicing space as players rival one another not only for new products and expertise but also for the global footprint necessary to effectively deploy those capabilities. 5In this climate, strategic buyers are positioned to lead this next round of M&A activity, bolstered by their own transformational imperatives, strong balance sheets, and a likely continuation of private equity exits from portfolio holdings in the financial services industry. Financial buyers are expected to continue pursuing targeted growth stories, particularly in the fintech space. 6As strategic buyers pursue inorganic growth opportunities, industry leaders acknowledge the vital role that execution plays in realizing value. According to a recent Deloitte M&A survey of corporate executives, 88 percent of respondents cited an insufficient due diligence process as the biggest impediment to achieving a successful acquisition, while 78 percent said it was the failure to effectively integrate the newly acquired entity. 7While others indicated reasons ranging from improper target identification to the shifting regulatory environment, a unifying theme is a need for a clear plan supported by strong executive leadership. 8Leverage M&A to accelerate transformation Ahead of the curve | Leverage M&A to accelerate transformation6 Getting started: Develop a concise and clear vision of your organizations current and desired position in the marketplace Use the vision to drive decisions addressing organic growth opportunities as well as M&A lifecycle decisions Assess the type of acquisitions both in terms of talent and third parties that your organization is prepared to integrate Asset management deals 107 103 110 118 98 111 86 94 145 $600 $536.4 $240.9 $287.5 $98.1 $116.7 $158.7 $192.9 $84.4 $327.9 $245.5 $400 Averge Deal Value ($USm) Number of Completed Deals $100 2016 2012 2014 2010 2008 # of Asset Management Deals Average Deal Value - Asset Management 2015 2011 2013 2009 2007 $500 $200 $300 $0 0 40 100 140 20 80 60 120 160 133 Source: SNL Financial and pionline Note: Average deal size is based on disclosed deal values for asset and wealth management transactions where 57%, 61%, 66%, 63%, 68%, 70%, 71%, 73%, 79%, and 81% of reported deals did not disclose deal values for 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 and 2016 respectively. Ahead of the curve | Leverage M&A to accelerate transformation7 As compressing economics and secular shifts force asset management firms to find new ways to differentiate themselves from the myriad of mature competitors, many firms are evaluating their operating models to identify opportunities to attain reallocation efficiencies, scale, and risk reduction. A target operating model is a high- level representation of how an organization can be best organized to effectively deliver and execute on its strategy. 9It is defined by five distinct elements: Capabilities: What are the desired capabilities and functions that should be enabled and supported by the target operating model? Process and controls: Which suppliers, inputs, processes, outputs, and consumers are needed to support the defined capabilities in the target state? Data: What are the data requirements, sources, integrations and delivery services needed to support financial, regulatory, audit, and analytics business needs? Technology: What is the technology platform strategy, including integration and sourcing of technology talent needed to enable the target state operating model? Organization & talent: What are the roles, skills and reporting lines needed to establish the target operating model? Elements of an agile operating model Ahead of the curve | Elements of an agile operating model Operating model components & objectives PROCESS & CONTROLS TECHNOLOGY CAPABILITY DATA ORGANIZATION & TALENT METRICS 1 2 3 4 5 6 VISION & BUSINESS STRATEGY Operating model components Objectives of executing against the target operating model 1. CAPABILITY The functional capabilities the business needs to provide Confirm the scope of services within each function Identify the maturity and criticality of services provided Determine sourcing strategy (e.g., internal/external) Consider location strategy (e.g., single location, follow the sun, etc.) Define functional ownership 2. PROCESS & CONTROLS Define the SIPOC (Suppliers, Input, Process, Output and Consumers) supporting the defined capabilities in the target state Determine/define process accountability and execution responsibility across internal and external stakeholders 3. DATA Determine the data requirements, sourcing, integrations and delivery services to support required financial, regulatory, audit, analytics business needs 4. TECHNOLOGY Defines technology platform strategy, including integration and sourcing of technology talent 5. ORGANIZATION & TALENT Identify the roles, skills, reporting lines and related gaps to establish the target org model Based on this assessment, identify how crew will be impacted around manage the change through the course of the program 6. METRICS Operational, financial and adoption metrics/ KPIs for the program and the business that set a baseline, define the targets and measure the value delivered Source: Deloitte8 Leading asset managers recognize the interdependencies between these elements and the importance of considering them in aggregate when assessing and redesigning their operating models. Shrinking expectations for capital market returns and slowing organic growth have combined to reveal the industry is not as scalable as many previously believed. 10With fixed costs now expected to outpace likely future revenue growth in the near term, factors related to cost allocation are increasingly driving decision-making processes. Leading firms are streamlining legacy businesses and harvesting cash flow in order to reinvest in growth product and market segments. When the five elements above are used as the cornerstones of an operating model transformation they enable bold strategic changes that can not only reduce costs, but also enable a broader investment toolkit, develop a stronger brand, create a more agile organization, source better organic data, and deliver an improved customer experience. While motives for operating model transformation can stem from a variety of desired improvements, many firms are focused on the following: Client service and experience: Establishing a centralized and scalable global client service organization focused on providing a differentiated and personalized client experience. Cost reduction: Streamlining, centralizing and standardizing core operations and shared services to reduce cost and increase throughput. Outsourcing: Enabling middle and back office functions to be outsourced and integrated effectively through alliances to allow the firm to better focus on its core competencies. Global navigation: Integrating operations globally to expand into different markets and easily shift outputs and capabilities between them. Data as a strategic asset: Embarking on platform, data, and infrastructure transformation to support the operating model decisions and enable next generation information delivery through advanced analytics. Digital enablement: Unifying an enterprise-wide digital strategy that embeds analytics and other digitally enabled capabilities into the organization. Top talent: Building an organization that attracts the best resources and empowers them to collaborate and succeed across regions and countries. Historically, industry incumbents have warded off challengers by identifying unique competitive advantages and capitalizing on relatively high barriers to enter the industry. 11 While this approach was effective during times of predictable and manageable change, the operating environment is evolving at a faster pace, requiring a fresh perspective. To improve their ability to compete in the future, tomorrows leading asset management firms are proactively pursuing opportunities now to transform their target state operating models to address these shifting dynamics. Getting started: Confirm guiding principles and strategic imperatives that should be minded while developing the target state operating model for the respective organization Evaluate a set of 2-3 industry best practice operating models focusing on impact to capabilities, processes, controls, data, technology and talent Map a set of core processes across each of the model options to help identify potential challenges and/or efficiencies Ahead of the curve | Elements of an agile operating model
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