London, 17 June 2026 – Asset managers face growing pressure to evolve their business models or risk being left behind, as evolving client expectations continue to reshape the industry, according to new research from the Thinking Ahead Institute and CAIA Association.
The joint paper, titled An Expanding Mandate: A Systems Level Framework for Asset Management, suggests traditional approaches centred solely on benchmark-relative returns are becoming less relevant in an environment that is more defined by interconnected risks, structural change and rising client demands.
The research highlights a growing divide between those firms that are adapting to this new reality and those still operating within legacy frameworks. The paper calls this new approach “systems-level investing,” which recognises that long-term investment outcomes depend on the health and resilience of the wider economic, social and environmental systems in which markets operate.
The findings draw on the ongoing Thinking Ahead Institute Global Asset Manager Peer Study 2026, which evaluates more than 170 global asset managers across 16 countries, representing $39 trillion in assets. They also draw on a series of global leadership forums across the world’s financial centres moderated by CAIA, culminating in the report The World Rewired: From Signals to Shifts, the Decade Ahead for Capital Markets. While firms broadly recognise the importance of major structural themes such as geopolitics, artificial intelligence and the convergence of public and private markets, the research suggests many are not yet able to respond in an integrated way. The ability to do so will become crucial in determining which firms are successful in the future.
In contrast, some large asset owners, including sovereign wealth funds and pension schemes, are increasingly adopting more integrated approaches. They are placing greater emphasis on real-world outcomes and long-term resilience and expect the same from the managers they appoint.
Furthermore, despite intense industry rhetoric surrounding artificial intelligence, the study reveals that managers are not investing as aggressively in AI as public perceptions suggest. Projections over the next five years indicate that firms are maintaining baseline frontline human capital expenditures while only marginally raising tech spend, highlighting the need to balance investment between AI capabilities and broader priorities such as talent, governance and decision-making.
Against this backdrop, the asset management industry is experiencing strategic repositioning and rapid consolidation. While these trends are driven by a range of factors, firms that are slower to evolve their capabilities and business models may be more exposed to these pressures as client expectations continue to evolve.
As a result, the Thinking Ahead Institute and CAIA Association urge investment leaders to rethink how success is defined inside their organisations, strengthen their ability to make decisions across a more interconnected landscape, and develop the talent and cultures needed to operate effectively in a more complex world.
Marisa Hall, Head of the Thinking Ahead Institute, said:
Asset management is running out of road with old playbooks. In a world shaped by interconnected risks, structural change and rising client demands, benchmark-relative thinking alone is no longer enough. Firms need to adapt to a more integrated, systems-level view to stay relevant. Too many asset managers are still clinging to models built for a simpler era. The uncomfortable truth is that relevance is already being reallocated by asset owners – quietly but decisively – to those that have retooled their organisations for this new reality.
John Bowman, CEO, CAIA, added:
The era of skills training in investment management has officially given way to lateral, meta level thinking. Geopolitical fragmentation, technological disruption, demographic shifts, and the growing convergence of public and private markets require a broader lens that can connect dots across several disciplines. This report underscores why systems-level thinking is becoming a strategic necessity for investment organisations seeking to remain relevant, resilient, and aligned with the evolving needs of asset owners.
About the Thinking Ahead Institute at WTW
The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers, wealth providers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 150 organisations to collaboratively design fit-for-purpose investment strategies, improve organisational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organisation at https://www.thinkingaheadinstitute.org/.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
Learn more at wtwco.com
About CAIA Association
The CAIA (Chartered Alternative Investment Analyst) Association is the leading professional body for alternatives investment education and credentialing. The organisation supports the global investment industry by offering the CAIA Charter and a portfolio of education, research, and thought-leadership initiatives. More than 14,000 Members across 100+ countries form the world’s most energized community of alternative investment professionals dedicated to advancing professional standards and promoting better investment outcomes. Learn more at https://caia.org/.
Media contact
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