Industry resolve and the ‘resilience advantage’ defining operating models amid uncertainty

Mark Stockley, Chief Business Development Officer

Download Carne’s Change 2026 Report

Asset managers are entering a new phase of reinvention. Amid geopolitical and macroeconomic shocks, complexity continues to build across markets, regulation and investor expectations. In response, firms are taking a more deliberate approach to how they operate – redesigning their models to deliver resilience, scalability and technological readiness in equal measure. That’s all while they improve their competitive factors: speed to market, operational efficiency and their ability to diversify to reach new investor bases.

What’s emerging is not incremental, piecemeal change, but structural evolution. Operating models are being rethought from the ground up, with governance, technology and partnerships working together to support a more demanding and fast-moving investment environment.

Outsourcing becomes a strategic lever

One of the clearest signals of this shift is the growing role of third-party providers. What was once viewed primarily as a cost-efficiency measure is now firmly positioned as a strategic enabler of growth and expansion – and speed to market. Specialist operating partners enable asset managers to convert fixed operating costs into variable ones, reduce duplication across jurisdictions and materially shorten the time required to launch new funds, structures and strategies while maintaining regulatory precision.

Our Change 2026 research shows that 70% of managers and 71% of investors plan to increase their use of third-party providers in 2026. Looking further ahead, 93% of managers expect outsourcing to rise over the next three years, particularly as firms scale into new jurisdictions and navigate the operational demands of cross-border growth.

This reflects a broader recognition that specialist partners can deliver the infrastructure, expertise and local insight required to operate effectively at scale. In an environment where speed to market, flexibility and regulatory alignment are critical, outsourcing is becoming central to how firms execute their strategies – not just how they manage costs.

AI moves to the core of the operating model

Alongside this, artificial intelligence is rapidly becoming embedded at the heart of the investment and operational lifecycle. No longer a future capability, AI is now being integrated across core processes, from valuation and scenario modelling to due diligence and document automation.

The direction of travel is clear. Almost all (98%) fund managers believe AI will become significant to delivering alpha within the next three years. Institutional investors are equally aligned, with two-thirds expecting AI to enhance both allocation decisions and communication over the same period.

As adoption accelerates, AI is becoming foundational infrastructure – enabling firms to process complexity more effectively, enhance decision-making and respond more dynamically to market conditions. By automating data‑intensive and document‑heavy workflows, AI is also reducing launch friction, compressing regulatory and approval cycles and enabling firms to bring new products to market faster, without increasing operational risk or complexity.

Resilience, redefined

Taken together, these shifts point to a broader redefinition of resilience. It’s moving from a defensive safeguard against volatility to a proactive capability that enables firms to operate, adapt and grow with confidence.

Stronger governance frameworks, more scalable operating models and deeper digital capabilities are converging to create organisations that are better equipped to manage complexity without sacrificing momentum. The result is resilience that supports growth, rather than constrains it.

In practice, this means operating models that lower unit costs and internal complexity, increase operating leverage and give firms the flexibility to introduce new products and structures at the pace investors now expect.

Resolve in action

Against a backdrop of continued geopolitical and economic uncertainty, the industry refuses to stand still. It is responding with intent – reshaping how it operates to meet the demands of a more complex and competitive landscape.

Firms that combine robust governance with scalable infrastructure, increased speed to market, advanced technology and the right specialist partnerships will be best positioned to succeed. Not only to withstand change, but to move with it – and to capitalise on the opportunities it creates.

Hear more about how fund managers and investors are designing operating models for resilience and growth. Download Carne’s Change 2026 Report