Operational leadership in asset management is evolving.
As firms modernize their technology and operating models, Chief Operating Officers are being asked to lead transformation while maintaining stability across increasingly complex investment processes.
That balance, between change and continuity, was at the center of a recent Asset Ops community discussion moderated by Ana Luiza Olanescu and sponsored by Ridgeline, featuring Lauren Manchester, VP of Sales at Ridgeline, alongside Evan Fire, COO at Pzena Investment Management, and Jarron Smith, COO at Marshfield Associates.
Balancing Change With Operational Stability
For COOs, both operational resilience and transformation are non-negotiable.
Evan Fire, who has spent more than 20 years at Pzena Investment Management, describes the role as inherently dual, requiring leaders to push forward while keeping systems running seamlessly.
“We are often asked to be drivers of change, but also stewards of keeping the ship afloat. Making sure that the engine that’s running behind the curtain, and can continue to operate no matter what, is critical,” he says.
Reflecting on his early years, Fire acknowledges that this balance is not always intuitive.
“In my early days, I was probably tilted a little too much towards being an agent of change and the desire to get things done at all cost. Over time, you realize it’s not a one-size-fits-all approach, and you need to adapt and evolve. Learning to listen becomes just as important as driving execution.”
Building Alignment Before Driving Transformation
If transformation is the goal, it is essential to get alignment right.
For Jarron Smith, who joined Marshfield Associates as COO 18 months ago, the first priority was understanding the organization at an individual level. In firms where tenure runs long and processes are deeply embedded, change cannot be imposed without context.
“It all started with the people,” Smith says. “You can’t be successful if you don’t understand where each person is coming from and meet them where they are.”
That approach reflects a broader reality in asset management operations. Whether firms are implementing new platforms, integrating data, or redesigning workflows, success depends on bringing stakeholders along.
“You can’t be an agent of change if you’re leaving anyone behind. You have to come up with a destination that everyone has bought into and then lead in a way that gets people there together,” Smith concludes. “That takes time and deliberate effort.”
The COO as a Connector Across Functions
As operating models become more integrated, the COO role increasingly sits at the intersection of multiple disciplines.
Smith describes the need to operate across different functional languages, bridging gaps that can otherwise slow progress.
“You have to be a translator in this role. You have to speak investor, IT, legal, and compliance, and understand how each group thinks. Your role often involves building partnerships between teams that have a natural tendency to operate in silos.”
This cross-functional alignment is essential as firms look to create a more connected view of the investment lifecycle. Without it, even well-funded transformation initiatives can stall.
Modernizing the Operating Model
For asset managers today, technology adoption and data strategy represent some of the most pressing transformations, especially in the AI era. But implementing new technology is only one part of transformation. Effective change management and organizational adoption are essential to realizing its full value.
Lauren Manchester explains that many asset managers are moving to Ridgeline to establish a modern operating model, one that unlocks speed, agility, and measurable value across their organizations. As the first investment management platform with embedded AI, Ridgeline helps firms move away from fragmented systems and data sets toward a single, cloud-native, front-to-back solution built on a unified data set. That shift represents meaningful change, and without a clear vision for the desired outcomes, change can feel daunting.
“As a leader, you can’t just say, ‘We’re making a big change,’ and expect everyone to be excited about it. You have to spend time aligning people with the bigger mission and ensuring they understand how change will unlock value for their clients, the company, and themselves. That’s how you actually make transformation stick.”
The discussion reinforced that change is inevitable, especially in the AI era. However, the success of any transformation depends on how effectively it is introduced, communicated, and adopted across the organization.
Earning Trust Through Relationships and Execution
The issue of trust comes up again and again in the context of how COOs approach transformation.
For leaders stepping into new roles, like Smith, trust is built through listening and engagement. For those who have grown within an organization, like Fire, it is reinforced through consistent delivery.
“In a smaller organization, visibility is high, and what sets you apart is being someone who has a reputation for getting things done. Over time, that builds credibility, and people begin to trust your judgment. That trust becomes critical when you’re trying to lead change.”
These two perspectives highlight that while the path may differ, the outcome is the same. Without trust, transformation efforts struggle to gain traction.
Patience as a Leadership Discipline
One of the more understated, yet important, themes from the discussion is patience.
In an environment where performance pressures are constant, taking the time to align stakeholders and sequence change can feel counterintuitive. Yet, as Fire notes, it is essential.
“It’s not a one-size-fits-all kind of thing. You need to learn to adapt, to listen, and to bring people along at the right pace. If you try to force change without that, it becomes much harder to be successful.”
For asset managers, where operational complexity and regulatory requirements add additional layers of risk, this measured approach is often what determines whether transformation initiatives succeed or fail.
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To hear more conversations on leadership, operational transformation, and the future of asset operations, join us at AssetOps London on Wednesday June 2, 2026.