Designing an optimal operations function in a cross-asset world : A framework for data-driven, scalable operational excellence

Abstract

Capital markets operations have evolved from siloed, asset-specific back offices into complex crossasset ecosystems driven by increasing volumes, regulatory demands and investor expectations for real-time transparency. This paper presents a comprehensive framework for establishing optimal cross-asset operations that effectively manage the convergence of public and private markets within unified operational models. Central to operational success is enterprise data management with ‘golden source’ integration. A single source of truth eliminates data fragmentation and enables on-demand visibility across asset classes. The paper identifies six core operational domains and analyses their challenges in a cross-asset ecosystem. The analysis introduces a ‘crawl—walk—run’ maturity assessment framework enabling organisations to benchmark operational sophistication and plan strategic advancement. The analysis places emphasis on embedding governance, risk and compliance into workflows to meet evolving regulatory expectations. Strategic recommendations highlight the importance of foundational data unification, modular vendor ecosystems, cross-asset platform selection and talent reskilling. The paper argues that human-centric technology adoption that is designed to enhance, not replace, expertise is critical for achieving sustainable operational scalability and resilience. This framework offers practitioners and leaders a structured approach to navigating digital transformation in increasingly complex investment environments, aligning operational execution with long-term strategic value creation. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.