By Mario De Bergolis
The operations function in asset management is undergoing a fundamental shift. Traditionally seen as a back-office engine focused on execution and control, operations professionals are now expected to be multi-skilled, blending regulatory fluency, data literacy and technological agility – all while maintaining core operational discipline.
This evolution has created skill gaps that didn’t exist before, yet many firms haven’t adapted their hiring, training, or career development models to reflect this new reality. With the rise of AI, many repetitive tasks such as reconciliation, reporting and exception handling are being automated. This shift raises a critical question: what does the future of an operations professional look like?
I believe the answer lies in repositioning operations as a strategic function. Rather than executing tasks, operations professionals will increasingly oversee automation frameworks, ensure ethical deployment of AI, and manage operational risk in a more digitized environment.
The firms that invest in upskilling and cultural transformation will be the ones that retain talent and lead the next evolution of asset management.
Operational culture and cross-functional collaboration are often overlooked, yet they’re absolutely vital. In many firms, operations is treated as a reactive function, focused on execution and compliance. In reality, operations is the connective tissue of the organization. When the operations team is embedded into the commercial dialogue, especially with the front office, it can anticipate risks, streamline processes, and enhance client outcomes.
Operations should be empowered to challenge assumptions and contribute to strategic decisions. This requires a culture of openness, mutual respect, and shared accountability. When operations and investment teams collaborate effectively, the result is not just smoother workflows, but a more resilient and agile organization. Operational excellence is not just about doing things right – it’s about enabling the business to do the right things.
Cross-cultural lessons
As the COO at the European subsidiary of a Japanese firm, I’m fortunate to have a cross-cultural perspective that informs this view. Japanese firms bring a unique perspective to asset management, rooted in long-term thinking, stakeholder alignment, and a deep respect for process.
There’s a cultural emphasis on stability, trust, and incremental improvement – qualities that are sometimes undervalued in Western markets, which tend to prioritize speed and short-term performance. One lesson I’ve learned is the importance of patience and relationship-building, especially in product development and cross-border collaboration.
Japanese firms also tend to take a more cautious approach to risk, which can serve as a real strength during periods of market volatility. Cross-culturally, I’ve found that transparency and humility go a long way.
Bridging cultural expectations requires active listening and a willingness to adapt – not just in language, but in decision-making styles, communication and approaches to risk tolerance.
Implementing those lessons will put leaders in good stead in the coming years as our industry faces various potential headwinds. The biggest challenge lies in managing resilience across increasingly complex third-party ecosystems.
As asset managers rely more heavily on outsourced services and cloud-based infrastructure, the risk of cascading failures grows. A disruption in one vendor can quickly ripple across the entire value chain.
Regulators are raising expectations around operational continuity, and firms must respond with more than just contingency plans. We’re preparing by enhancing our vendor due diligence, conducting scenario-based testing, and embedding resilience into our change management and governance frameworks.
Culture is also key – we must ensure that teams are trained to respond quickly and communicate clearly during a crisis. Operational resilience isn’t just about recovery; it’s about maintaining trust and continuity in the face of uncertainty.
Client expectations are rising
Regulatory change is just one reason that the role of the COO is evolving rapidly. It’s no longer sufficient to simply oversee operational processes and ensure things run smoothly behind the scenes.
Today, COOs are expected to be strategic enablers – actively shaping the direction of the business and driving transformation.
This shift is being fueled by a more complex regulatory landscape, yes, but also rising client expectations and the acceleration of digital innovation. Operations now sit at the intersection of risk, technology, and commercial strategy. As such, the COO must be fluent in cross-functional dialogue, bridging the gaps between these disparate areas.
The COO is now increasingly involved in initiatives that were once considered outside the remit of operations. This requires a broader skill set – strong communication and commercial awareness, with the ability to lead cross-functional teams. It also demands a mindset shift to one that will help to shape the firm’s future, not just safeguard its present.
The most successful COOs will be those who can balance operational discipline with strategic agility, helping their firms adapt, innovate, and thrive in a fast-moving environment.
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The opinions expressed in this article are those of the author and do not necessarily reflect the position of Corinium Global Intelligence or the author’s employer.