“Asset management, a bit like banking, felt like it was a simple industry.

It did not feel like it had to invest a lot in the technology underlying what it did. I mean, there are still asset managers today running $5 billion and they're pretty much all on spreadsheets.

So you think, well, it should be simple, they should be able to put some processes in place that make everything very slick and automated, but they haven't.

So with the asset management industry subject to a high level of uncertainty, it is hard to establish causality. In other words, did my fund manager deliver a good result or a bad result because of their skill or just because the market was noisy and they were lucky or not lucky or whatever?

That causality is problematic. And at the same time, the industry is very profitable. It extracts a lot of fee income. The result is that there are limited drivers to becoming efficient.

The driver to look for different business models that unlock value for the client is low. And the driver, a little like banking, is a bit more about protecting existing fee streams rather than how to create more value for customers, right?

Asset management needs to change. This path runs out at some point. ”

There has to be a better way.

It is time for change.