All industries exist to create value for stakeholders and society. While the investment industry has traditionally been judged by financial outcomes, there is growing recognition that its ultimate purpose is broader: contributing to societal wealth and wellbeing (CFA Institute, 2017).
We were intrigued that there had been very few attempts to assess how effectively the industry is delivering on that purpose.
In work from 2015, Thinking Ahead attempted to frame the purpose(s) of the investment industry which we captured in the chart opposite. Subsequently, three waves of the State of the Industry survey, in 2015, 2018 and 2023, have asked the people who run investment organisations – asset owners, asset managers and the service providers – to rate the industry on a balanced scorecard. For 2026, we are evolving the survey around a single guiding measure:
Society Alpha, the product of three interconnected forms of value creation or ‘alpha’, explained below.
SOCIETY ALPHA
The sustainable value the investment industry creates for end savers and society
Org Alpha
The capabilities of investment organisations – people, processes and technologies – that support the accomplishment of their mission.
Portfolio Alpha
The effectiveness with which those capabilities are converted into portfolios and investment outcomes.
System Alpha
The quality and health of the investment ecosystem in enabling sustainable value creation.
INTERACTIVE EXPLORER
State of the Industry Survey results: 2015-23
The survey framework has evolved since its inception in 2015. However, the underlying measures have been held stable. Click on each of the pillars to explore how the industry has moved against its fundamental purpose. Stay tuned for the 2026 results!
Alignment6 measures4.24.34.84.8▲ +0.6
Costs2 measures2.93.34.44.4▲ +1.5
Efficiency5 measures4.34.64.54.5▲ +0.2
Alignment, Costs and Efficiency rows show the pillar scores as published in the 2023 scorecard. Respondents rate each measure on a five-point scale — very poor to very good — reported as an index from 1 to 9: very poor below 2, poor below 4, moderate below 6, good below 8, very good above 8. Source: TAI investment industry scorecard, surveys of 2015, 2018 and 2023 (n=46 in 2018, n=41 in 2023). Society first scored in 2018.
Join the event this September....
We’re teaming up with CAIA for a live event in London on Thursday 10 September - bringing the paper to life with insights from organisations leading the way.
Find out more about the event and join us >
Related pages
Connecting the dots: understanding purpose in the investment industry
Mission critical: understanding value creation in the investment industry
