Rebooting the global asset management industry

Foreword	4
Acknowledgements	5
Executive Summary	6
Introduction	6
Research Issues	7
Research Method	7
Survey Highlights	8
Main Findings	9
Theme 1: New Challenges Are Coinciding with New Opportunities	12
Theme 2: Small Steps, Not Giant Leaps, Mark the Rise of AI and GenAI	13
Theme 3: Proof of Value Matters as Much as Proof of Concept	14
Theme 4: Incrementalism Will Likely Define Future Progress	15
Theme 5: Outsourcing Is Linked with Organic Growth at Lower Costs	16
Theme 6: Winning Models Will Combine the Best of Old and New	17
Theme 7: Reports of the Death of Alpha Remain Exaggerated	18
Theme 8: Investors’ Goals Will Not Change but Their Means Will	19
Current Challenges and Future Opportunities	20
Aims	20
Key Findings	21
Interrelated Challenges Have Emerged on Multiple Fronts	22
New Client Segments Are Set to Drive Organic Growth	24
New Asset Allocation Imperatives Are Set to Drive Change	26
The Industry Value Chain is Likely to Be Recalibrated	28
The rise of AI and GenAI	30
Aims	30
Key Findings	31
AI and GenAI Are Set to Be Game Changers	32
The Complexity of AI and GenAI is a Drawback	34
Back Office Outsourcing Targets Operational Alpha	36
Middle and Front Office Outsourcing May Be Slower	38
Capitalizing on the Great Wealth Transfer	40
Aims	40
Key Findings	41
From a Product-Centric to a Client-Centric Approach	42
The Cult of Active Investing is Alive and Well	44
Growth Engines Are Likely to Remain Somewhat Muted	46
Leadership, Culture and Talent	48
Aims	48
Key Findings	49
Business Leaders Are Challenging the Status Quo	50
Using Culture as a Transformational Tool	52
GenAI is Not Just a Tech Play but a People Play Too	54

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