The Case for Investor-First Operations in Asset Management

Ahead of AssetOps London, Pat Dunwoody shares why the next generation of operating models will combine thoughtful automation, transparency, and collaboration to deliver more consistent results for clients 

Operational performance rarely attracts headlines, yet it shapes nearly every investor interaction with an asset manager. From onboarding and reporting to issue resolution, the quality of operational processes influences how clients perceive reliability, transparency, and ultimately trust.

For Pat Dunwoody, Board Member at FAIR Canada and former Executive Director of the Canadian ETF Association, this connection has been a constant throughout her career. Regardless of role, she has maintained a consistent view that operational decisions should reflect investor needs, even when those priorities may not align perfectly with internal convenience.

“I think it’s always thinking about the client regardless of the role and thinking about what is important to them as opposed to what is important to the company,” she says. “I think subconsciously I was doing that all the way along, and as my career grew, it became obvious that it was an important part of my belief system.”

This philosophy has practical implications. When operational issues arise, communication becomes part of the service experience. Addressing errors directly, while demonstrating how processes have improved, can strengthen confidence.

The Expectation of Greater Efficiency

Operations leaders today are expected to modernize systems and workflows while managing cost constraints and economic uncertainty.

Investment decisions are often delayed placing sustained pressure on operations teams to find practical improvements without significant new resources.

Dunwoody notes that many organizations are navigating this tension while also managing the gradual loss of institutional knowledge as experienced professionals move on from the industry.

“I think the industry has lost a lot of its historic knowledge. People are either retiring or moving on to different areas, so that context isn’t always there, even though it helps guide decisions.”

Automation remains an important lever for maintaining service quality under these conditions. However, the objective is not simply reducing cost, but allowing teams to focus their attention on exceptions, analysis, and improvements that can prevent issues from recurring.

“Budgets are being put on hold, but efficiency projects aren’t. Companies are still trying to improve what they are doing or make it less expensive without necessarily having a large budget to support those changes.”

Rather than representing a discrete transformation program, operational efficiency is increasingly embedded in day-to-day decision making.

Using Regulation to Guide Operational Design

Regulatory change continues to shape operational priorities across the asset management industry. While compliance requirements can create short-term pressure, they also provide signals about where the industry is moving.

Dunwoody suggests firms benefit from viewing regulatory direction as an input into long-term operational design rather than a reactive exercise.

“Some of the regulations that have come out over the last few years were not unexpected. We knew the direction things were going, so there is an opportunity to start preparing systems in advance rather than waiting until the last moment.”

Automation can play a role in enabling compliance teams to focus on higher-value oversight rather than manual activity, supporting a more preventative approach to risk management.

“If you can automate some of the smaller steps, then people have time to look at the bigger picture and identify patterns. That allows them to focus on preventative work rather than constantly responding to individual issues.”

In this context, regulation becomes part of the framework for improving consistency and strengthening trust in industry practices.

Reconnecting Operational Insight With Investor Experience

As distribution structures evolve, product providers may have fewer direct interactions with end investors. Relationships are often mediated by advisors, which can make it more difficult for operations teams to identify emerging needs or recurring service challenges.

Dunwoody believes organizations may be overlooking valuable insight already available within their own operations functions.

“Frontline call centre representatives and operations staff probably have a very good sense of what clients want or need because of the conversations they are having every day. My concern is that this information is not always being gathered or used as effectively as it could be.”

Structured feedback loops, whether through surveys or internal reporting channels, can help firms better understand investor concerns while maintaining appropriate boundaries within advisor-led relationships.

Listening more closely to operational teams can reveal recurring friction points that may otherwise remain hidden within process metrics.

Collaboration as Industry Infrastructure

Dunwoody also highlights the value of industry collaboration in strengthening operational standards. Earlier in her career, the Canadian funds ecosystem benefited from close working relationships between operations professionals who shared knowledge and worked collectively to address common challenges.

“When I first started in the industry, everybody on the operations side knew each other. If you had a question, you could pick up the phone and ask someone at another firm, and that helped create standards that benefited the entire industry.”

As the industry has grown, that sense of community has become less visible. Rebuilding these connections could support the development of more consistent processes and shared solutions that benefit firms and investors alike.

“Operations and compliance should be table stakes. That should not be the reason someone chooses one firm over another, it should simply work well across the industry.”

**Editor's note: Join us at AssetOps London on June 2nd to strengthen your network of leadership peers!**

Defining a Strong Operations Function

Looking ahead, Dunwoody expects automation to continue shaping how operations teams allocate time and expertise. The objective is not simply reducing headcount, but ensuring issues are resolved quickly and consistently so that clients experience minimal disruption.

“We used to call it ‘one and done’ when I ran a call centre. If an issue came in, it was researched and resolved in one interaction rather than going back and forth multiple times.”

Organizations that resolve issues effectively can strengthen client confidence, even when challenges occur.

“If you have an issue and you resolve it well, it often leaves the client with a better impression than if nothing had happened at all. People understand that problems can arise, but they want to see that you care about resolving them properly.”

For operations leaders, this reinforces the importance of designing processes that support clarity, accountability, and consistent service delivery.

____

To hear more conversations on leadership, operational transformation, and the future of asset operations, join us at AssetOps London on Wednesday June 2, 2026.