The Asset Manager of 2030: Building for Utility, Agility & Endurance

By 2030, asset managers must prioritize tech-enabled fund operations, investor transparency, and operational excellence to remain competitive. As alternative assets continue to grow at 9.7% annually, private equity fund managers face mounting pressure to streamline alternative investment operations while delivering both performance and operational efficiency.

According to McKinsey & Company (“Asset Management 2025: The Great Convergence”), global Assets Under Management (AUM) surged to $135 trillion in 2024, marking a $15 trillion increase, the largest single-year rise of the decade. For asset managers today, the question is not only “Can we deliver returns?” but “Can we deliver utility?” Operational transparency, speed, resilience, and scalability will separate the winners of the next decade from the also-rans.

The asset management industry is reaching a defining moment. According to the SEC’s latest data, the adviser landscape in 2024 is home to approximately 21,669 registered advisers, reflecting a steady 1.4% increase from 2023. These firms collectively oversee roughly $146 trillion in regulatory assets under management (RAUM), a remarkable 12.8% growth year over year. (SEC.gov | Investment Adviser Statistics)

What’s striking is how these figures echo the broader picture of global wealth. While external sources cite $135 trillion in total assets under management, the adviser-reported RAUM shows a comparable scale and, importantly, underscores a robust trajectory of growth. For managers, these numbers are more than just statistics; they represent both opportunity and pressure.

In this context, the world of asset management is at a pivot. Traditional approaches and legacy systems are increasingly inadequate. Investors demand transparency, efficiency, and agility, while competition intensifies across every segment. To thrive, managers must rethink operations, embrace technology, and elevate the investor experience.

Below, we explore seven key themes that will define the asset manager of 2030, supported by the latest industry data, and offer a strategic roadmap from 2025 through 2030 to navigate the challenges and seize the opportunities ahead.

Utility Over Elite

Historically, asset managers could rely on brand, track record, and exclusive access to win over Limited Partners (LPs). Those advantages are fading fast. Today, LPs demand more than strong performance. They want utility: fast access to meaningful data, clear visibility into risk and returns, predictable cash flows, and operations that can pivot when markets turn.

The global alternatives industry is expected to grow to $24 trillion by 2028, from $15 trillion in 2022, led by private equity and private markets (KKR, 2024). Growth acceleration is strongest in Europe and Asia, particularly China and Japan. More players and more capital chasing deals mean operational efficiency is now a key differentiator for private market managers.

This surge means more players, more capital chasing deals, and fewer automatic advantages. In this environment, a manager’s true edge is no longer just their investment thesis, but how efficiently they operate, adapt, and serve their LPs.

Competing With the Efficiency of ETFs & Mutual Funds

One of the greatest competitive pressures today comes from publicly offered vehicles like ETFs and mutual funds. These products operate on an enormous scale, delivering transparency, standardized pricing, and often lower cost — qualities that investors now increasingly expect across the board.

At the same time, the alternatives segment continues to show strong growth, yet it is not without structural challenges. Rising competition, LPs demanding greater transparency, and increasingly complex exit routes are reshaping the landscape.

For private fund managers, these numbers are more than just data points. They highlight that competition is not limited to peers in your strategy niche; it spans the entire asset management ecosystem.

Compliance, Governance & Operational Resilience Are Non-Negotiable

In the world of global asset management, regulatory demands and investor expectations continue to rise. Governance failures, data lapses, or operational breakdowns are no longer just internal risks; they carry commercial and reputational penalties.

By 2030, managers must treat compliance, KYC/AML, portfolio valuations, and audit readiness as strategic differentiators, not cost centers.

Adherence to local regulatory frameworks — particularly in the USA, Singapore, UAE, London, and NYC — instills LP confidence and reduces diligence costs (KKR, 2024). A strong internal control framework, digital audit trails, and transparent reporting are no longer optional: they are competitive advantages.

Smart Resourcing: Less “Headcount”, More “Flexible Capacity”

Many fund managers still operate with cost models that carry large, fixed overheads, maintaining full-time teams for functions whose workload fluctuates with market conditions or fund flows. This approach is increasingly unsustainable.

Instead, the winning model is one where the core strategy team is lean, supported by outsourced specialists or variable-cost providers for functions such as fund accounting, investor servicing, KYC/AML, data processing, and vendor management.

This flexible capacity approach ties back into utility: a lower cost base allows managers to invest in high-leverage areas like technology, data, and LP servicing. LPs notice when managers adopt disciplined cost models and scalable operations, signaling long-term viability (Blackstone, 2024).

Choosing the Right Technology & Vendor Stack: Not Just the Popular One

In today’s competitive landscape, an asset management technology platform is no longer just a support tool. It is a core part of a fund manager’s strategic advantage.

The ideal fund administrator for private markets should deliver more than standard services. The right vendor and technology stack:

Integrates seamlessly with your accounting and portfolio data, allowing your team to maintain a single source of truth.
Enables rapid NAV production and delivers actionable investor insights, enhancing transparency for LPs.
Scales effortlessly across jurisdictions and asset classes, supporting your growth ambitions without operational friction.
Supports modular changes (new share-classes, tokenization initiatives, overlay strategies) so your operations can evolve with market demands.
Provides LPs real-time insight into their investment value, boosting trust and engagement.

For managers focused on alternative investment operations or private equity fund administration, the takeaway is clear: choose vendors based on utility, not prestige.

Due Diligence Starts with You

As fundraising competition intensifies, LPs and consultants will scrutinize managers more closely. The real advantage belongs to the manager who can clearly demonstrate their entire operating model, including workflows, controls, data flows, and vendor dependencies.

LPs increasingly ask: how do you produce the NAV, what are your reconciliation controls, how is performance attributed, how is risk monitored, what happens if your administrator fails? Without solid answers, you signal vulnerability.

When you understand every detail of your operation, you move beyond being just a checklist item for LPs and become a trusted partner they can rely on.

Build the Foundation for 2030, Today

The asset manager of 2030 won’t rely on instinct or inertia. They will operate as systems architects, building resilient frameworks where data, technology, and governance align seamlessly.

Formidium supports this shift with technology-driven fund administration, integrated KYC/AML, GP accounting, and investor onboarding platforms like Seamless and CommonSubDoc. With transparency and operational discipline built into the foundation, you can stay focused on performance, strategy, and long-term investor confidence.

The next decade will reward asset managers who operate with precision, scale with confidence, and lead with technology. Formidium is purpose-built to help you get there.

• Automate NAV production and streamline investor onboarding

• Leverage scalable, tech-enabled fund administration

• Align with experts who understand where the industry is headed

Let’s turn your 2030 vision into operational reality. Connect with our team to future-proof your fund operations.