The asset management industry is facing one of the most unsettled periods in decades. A convergence of new technology, tighter regulation, and shifting client expectations is forcing firms to rethink how they generate revenue, organize operations, and maintain relevance. Across the US and Europe, the debate has moved beyond whether change is necessary to how fast firms can adapt. Artificial intelligence is at the center of this transformation. It promises to streamline research, automate reporting, and reduce operating costs. Analysts suggest that AI could eventually cut a substantial share of expenses at large firms. Yet sceptics point out that not all claims stand up to scrutiny. The CFA Institute has urged investors to demand evidence of measurable productivity gains, warning against relying solely on marketing narratives. Industry blogs echo this caution, noting that while early adopters are experimenting successfully, smaller firms often lack the resources to keep pace, deepening the divide between leaders and laggards. At the same time, regulators are tightening their grip. Supervisory bodies in Europe and North America are raising expectations on risk controls, data oversight, and transparency. Compliance has become more expensive, squeezing profit margins that are already under pressure. Studies of the European market highlight that profitability has stagnated, leaving firms with little choice but to overhaul operations. Many consultants now argue that managers must integrate technology at the core of their organizations, centralizing data and ensuring that operations and IT work seamlessly together. Industry heavyweights are already responding. BlackRock has reshuffled senior management to accelerate its expansion into private markets and to strengthen its data-driven offerings. Franklin Templeton has signaled that strategic partnerships may prove more effective than large acquisitions in today’s environment, while Brookfield has shifted its focus toward infrastructure that underpins the digital economy, including data centers and renewable energy. These moves illustrate how the biggest names are adjusting to changing market conditions and investor needs. For clients, the landscape is equally unsettled. Ongoing geopolitical tensions and uneven global growth have increased the appetite for diversification. Investment houses now face mounting pressure to provide access to alternative strategies, from real assets to private equity, in order to meet client demand. Those without a credible presence in these areas risk being sidelined. Practitioner voices often offer a more grounded perspective than official forecasts. Contributors to TabbFORUM have raised questions about whether outdated post-trade systems can keep up with new asset classes and regulatory demands. Tokenization has also been a hot topic, with some projects showing promise but others struggling to demonstrate real-world adoption beyond the hype. What emerges is a picture of an industry in transition rather than in crisis. Firms are diversifying product ranges, digitizing back offices, and adapting to higher regulatory standards. Investors are demanding more transparency and stronger performance. The future of asset management is unlikely to hinge on a single dramatic shift. Instead, it will be shaped by the cumulative effect of technology adoption, smarter partnerships, operational efficiency, and the ability to prove value in a competitive market. The days of high fees and easy inflows are fading. Success will depend on whether managers can genuinely navigate disruption while demonstrating leadership in transforming how the industry operates. The next decade may well determine which firms remain central to global capital markets and which fall behind.