It is always wise to look ahead, but difficult to look further than you can see.
Winston Churchill, former British Prime Minister, was attributed with this line in response to a parliamentary question. Decades later, these words still resonate for the asset management industry today.
The regulatory storm that the asset management industry has weathered in recent years no longer appears as impossible as it may have one year ago. Firms must now plan for their future, but keep their focus on the here and now as they take their next steps.