The investment management industry is undergoing a transformation. Fueled by changing buying behaviors of asset owners, stagnating growth of managed assets and increasing demand for multi-product, multi-jurisdictional solutions, the business and operating models of asset managers are under significant pressure.
Other industries have experienced similar transformations and once-prominent industry leaders who were slow to adapt found themselves struggling or completely shut out of the market. For example, in the smartphone industry, just three years ago, RIM had the pre-eminent position as the producer of the indispensable mobile communication device for professionals. Yet, the introduction of some game changing technology platforms like the iPhone and iPad as well as buyers' desires to converge business and personal communications have resulted in RIM struggling with a 50% decrease in their market share over just one year.1