Assessing how to enhance cross-asset operations capabilities to support more complex investment products and boost overall business performance
Abstract
The global investment management industry is experiencing a deep structural change influenced by changing investor behaviour, margin compression, complexity of the regulatory environment, and the fast pace of technological development. Global assets under management topped US$147tn at mid-2025, and asset managers must cope with higher expectations on investment products while simultaneously improving their operations’ efficiency and ability to withstand the impact of regulatory events. The historical operation model, based on asset classes (equities, fixed income, and cash), is not sufficient to respond to the complexity of today’s investment products, including multi-asset strategies, derivatives-based portfolios, private markets, environmental, social, and governance (ESG) integration, hybrid (public–private) approaches, and tokenised real-world assets. This paper explores why integrated cross-asset capabilities are so important as a strategic enabler of innovation, scalability, and sustainable business performance in current asset management. It examines how legacy, fragmented, and inefficient systems and workflows, coupled with manual processing and inconsistent data architectures, drive operational inefficiencies, increase risk, and inhibit product innovation. The paper goes on to illustrate the operational impact of private markets expansion, ESG reporting and tokenisation, and the need for integrated processing, real-time data visibility, and better governance. The paper draws on both industry research and operating experience to recommend a five-dimension framework for assessment, covering process efficiency, technology architecture, data governance, risk and compliance, and organisational effectiveness, and describes transformation priorities for companies: platform modernisation, straight-through processing, artificial intelligence (AI)-enabled workflows, blockchain interoperability, and improved governance models. It also explains how companies can redesign operating models to support integrated cross-asset capabilities without losing sight of standardisation and asset class-specific expertise. The paper concludes that cross-asset is no longer a back-office function but a competitive capability. Companies that are proactive in building integrated operating models, automation, data management, and organisation will have a better chance at managing complexity, improving product innovation, enhancing risk management, and maintaining profits in a constantly changing world of investment. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Manish Khandelwal is a seasoned financial services executive with more than 21 years’ international experience spanning asset management, investment products, operations, regulatory governance, and business expansion across Asia, Europe, the Middle East, and the US. Currently serving as Chief Operating Officer at UTI Investments, Singapore, he has played a pivotal role in building and scaling the company’s global investment platform and offshore fund business. Over the course of his career, Manish has led the development and launch of multiple cross-border investment structures, including Undertakings for Collective Investment in Transferable Securities funds in Ireland, SPC platforms in the Cayman Islands, and variable capital company (VCC) structures in Singapore. His leadership has contributed significantly to the growth of institutional and retail investment offerings across key international markets including Japan, South Korea, Malaysia, Europe, and the Middle East. Recognised for his expertise in product structuring, operational excellence, and regulatory compliance, Manish has successfully worked with regulators, legal advisers, consultants, and institutional investors across multiple jurisdictions. He was instrumental in securing Monetary Authority of Singapore licensing approvals and positioning UTI among companies selected for Singapore’s VCC pilot initiative. In addition to his executive responsibilities, Manish serves on the boards of several investment entities and is an active participant in industry forums. He is also committed to community service through his involvement with the Singapore Red Cross Society and the Singapore Institute of Directors. Manish holds an MBA in marketing, an LLB, and a Bachelor of Commerce degree from India.
