2015-12-29-奥纬咨询-The_Path_Ahead_–_Redefining_the_Asset_Management_Operating_Model_20页_176kb

Summary of Oliver Wyman Report: Redefining the Asset Management Operating Model

Introduction
The asset management industry has recovered well post-crisis but faces significant challenges including rising costs, regulatory pressures, and shifts to passive products. The operating model must be redefined for sustainability in a volatile environment.

Key Findings and Challenges

• Cost pressures: Total industry costs have increased by USD 29 billion, up to USD 119 billion, while cost-to-income ratios are under threat without adjustments.
• Regulatory and market shifts: New policies (e.g., BCBS239, MiFID II) and liquidity issues from post-crisis consolidation impact profitability.
• Revenue opportunities: Alternative investments and digital technologies can boost returns, but the end of accommodative monetary policies may reshape the industry.

Five Key Operating Model Initiatives

1. Ensure proper data quality: Address data ownership and lifecycle management to avoid inefficiencies, penalties, and reputational risks. Culture and governance frameworks are critical for improvement.
2. Embrace digital opportunities: Leverage FinTech, Big Data analytics, and cloud-based solutions to enhance customer engagement and operational agility, though this requires strategic investment and organizational change.
3. Improve IT investment management: Use zero-based costing, modularize architecture, and focus on discretionary spending to build flexible IT functions that support growth.
4. Re-evaluate outsourcing priorities: Strategically outsource non-core activities like trade execution and back-office operations to optimize costs, but ensure robust vendor management and transition planning.
5. Redefine trade execution roles: Separate portfolio management from execution to handle regulatory demands, liquidity challenges, and market intelligence, enabling value creation through expertise.

Conclusion and Impact
The industry must urgently adapt to regulatory changes, digital disruption, and competition. Adopting these five imperatives can improve cost-to-income ratios, enhance flexibility, and position firms for growth. Failure to act may result in significant economic losses.

Authors and Contact
Report by Matthias Hübner, Samir Misra, Gökhan ÖztÜrk, Robert Urtheil. For inquiries, contact Oliver Wyman.