+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 2015 will be a period of accelerating growth for mutual funds, with a sharpened focus on expansion and execution of growth-oriented strategies. Check out the four key areas that mutual funds will likely have to prioritize in 2015. Governance and conflicts • The risk focus will be targeted toward the integration of risk and compliance, governance and conflicts of interest, and how these issues influence firms’ overall reputation • Risk management and regulatory oversight will focus on: – Managing a firm’s reputation through ensuring governance measures are firmly in place and monitored – Implementing and maintaining a clear risk vision with supporting “tone at the top” As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2015 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited 2015 Mutual Fund Outlook Accelerating the quest for growth Distribution and technology • Focus on increasing distribution • With 51 percent of mutual fund assets now held outside the US, the drive for global distribution is increasing • Investments in technology and a data-driven approach to distribution, including data hub and predictive analytics, will be key in 2015 Product revenue • Unlock revenue opportunities by introducing higher-fee products and gaining organizational efficiencies • Capture the loyalty of the next generation of investors • To standout in a product-rich marketplace, investment managers will need to: – Seek revenue-oriented strategies in newer, high-growth areas – Place an emphasis on education around investment philosophy and process Operational innovation • The industry will move from a cost-containment strategy to one of expansion and reevaluation of global operating models • Operations will regroup, maintain the business, and support growth-orientated opportunities • The key themes that will evolve include: data management, cyberrisk, extended enterprise management, workflow analysis, books of record, and customer experience

2015 Mutual Fund Industry Outlook: Accelerating the quest for growth

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2015 will be a period of accelerating growth for mutual funds, with a sharpened focus on expansion and execution of growth-oriented strategies. Check out the four key areas that mutual funds will likely have to prioritize in 2015.

Governance and conflicts• The risk focus will be targeted toward the integration of risk and compliance,

governance and conflicts of interest, and how these issues influence firms’ overall reputation

• Risk management and regulatory oversight will focus on:– Managing a firm’s reputation through ensuring governance measures

are firmly in place and monitored – Implementing and maintaining a clear risk vision with supporting

“tone at the top”

As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

2015 Mutual Fund Outlook Accelerating the quest for growth

Distribution and technology • Focus on increasing distribution• With 51 percent of mutual fund assets now held outside the

US, the drive for global distribution is increasing• Investments in technology and a data-driven approach to

distribution, including data hub and predictive analytics, will be key in 2015

Product revenue • Unlock revenue opportunities by introducing higher-fee products and gaining organizational efficiencies• Capture the loyalty of the next generation of investors• To standout in a product-rich marketplace, investment managers will need to:

– Seek revenue-oriented strategies in newer, high-growth areas– Place an emphasis on education around investment philosophy and process

Operational innovation • The industry will move from a cost-containment strategy to one of expansion and reevaluation

of global operating models• Operations will regroup, maintain the business, and support growth-orientated opportunities • The key themes that will evolve include: data management, cyberrisk, extended enterprise

management, workflow analysis, books of record, and customer experience