Expert Roundup 2022: Strategic Priorities for Investment Operations Management

We sat down with Anthony Mirabile, MD US Investment Operations at Goldman Sachs Asset Management, Chris Taylor, COO at CG Asset Management, and Evan Fire, COO at Pzena Investment Management to find out how they think the COVID-19 pandemic will have an impact on the future of the work, the overall operating model, and data management. 

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What is the focus of your investment operations strategy for this year?

“Operating costs and improving efficiency are the main focus for us. Right now, costs continue to rise steadily. As regulations increase, there is always an increased need for either the date of the provision or the systems and controls surrounding it to ensure compliance.”

Where do you see the greatest need for technological innovation?

“When you think of the modern operating model, you have the four pillars: people, process, technology, and data. Data is the blood coursing through all of our corporate veins. It is not always obvious to those who set the budget or set strategy how difficult it can be to harness and use data effectively. We are all beginning our journey to harnessing data and managing it as an asset in various ways.”

How do you envision the future of your core operating model?

“The operating model of the future will continue to evolve and will constantly evolve. Firms that are open-minded, flexible, and welcoming of that constant evolution will have the greatest success. Our firm places a great deal of emphasis on the cloud. AI/ML, data science, data analytics, and business intelligence are major areas of focus for us.”

Do you currently face challenges with attracting/retaining employees?

“This has been a hot topic of late. The pandemic has accelerated the potential for employees to work from anywhere, which has changed the way we recruit and retain talent. For example, a company in California can now offer fully remote work and hire an employee in New York. This changes the talent competition.

There is bound to be a struggle if you, like us, believe being in an office has advantages that are in the best interest of the company, but individual desires are otherwise. We are all trying to figure out how to thread the needle. Coupled with wage inflation, we are seeing a tight labour market. We are all trying to figure out how to attract and retain talent. There is a new normal taking shape right now.”

Has COVID-19 forever changed buy-side operations?

“The last couple of years of the pandemic has had a significant impact on all of our teams and other industries, too. However, I believe there is a silver lining in that COVID brought us together and connected us more than pre-COVID.

In particular, the use of media platforms. Video has equalised the playing field regardless of where you may be seated, or whether you are seated at a regional office or the main office/ headquarters. Having a virtual seat at the table and being visible to your peers around the globe, has in many ways strengthened the connectivity that we have had as a firm.” 

In light of the ‘great resignation’ era, what makes your firm a more attractive employer compared to your peers?

“There are pros and cons involved with flexible work arrangements, and that is something we at our firm take very seriously. Our focus when it comes to communication with our people is the type of work that they will be involved in, the purpose of their work, and the impact that they can make as part of our firm.

Diversity, equity, and inclusion are important to us. Our company genuinely believes in, and we promote it, and that resonates quite well with newly hired employees. We want our talented employees to be involved in meaningful and thoughtful work, instead of manual and monotonous tasks.

I think being in a position to be ultra-competitive when it comes to compensation and benefits is important as well. Every person has a different view of what is important to them, and our job is to synthesise our people’s feedback, put it into context, and do everything in our power to deliver.”

Download the InvestOps Global Benchmark Report now and find out how the buy-side envisions the future of the core operating model!