The overarching theme of this year’s Calastone Connect Forum in Singapore centred on a bold question: where will the asset management industry be by 2030? As the event unfolded, it became clear that the next decade will be defined by how quickly and effectively the industry embraces the forces of digital transformation, tokenisation, and the changing expectations of a new generation of investors.
Calastone’s Chief Commercial Officer, Brian Godins, set the stage early, urging participants to think critically about the rapid evolution underway and the major shifts that will define the industry in just a few short years. “2030 feels like a long time away,” he remarked, “but it’s just over five years to go.” His words underscored a pressing reality: many of the changes that were once seen as distant or conceptual are already happening, and the foundations of the investment industry will likely look very different by the time we reach 2030.
A 2030 Vision: Technology-Driven Change
One of the strongest recurring messages at the Connect Forum was that by 2030, technology will be the linchpin of a more efficient, transparent, and investor-centric ecosystem. Much of the discussion revolved around how distributed ledger technology (DLT), tokenisation, and artificial intelligence (AI) will not just support operational processes but reshape the very fundamentals of how the industry operates.
In particular, tokenisation—the conversion of asset ownership into digital tokens—was presented as a cornerstone of this future. Simon Keefe, Head of Digital Solutions at Calastone, described a vision where the entire investment lifecycle could be placed on DLT, facilitating real-time fund creation, distribution, and settlement. He stated that the goal is not just to “tokenise a fund” but to revolutionise the entire fund structure by integrating the asset register, unit register, and client register on a single DLT platform. By 2030, he predicted, tokenisation will allow asset managers to provide personalised, on-demand investment vehicles while cutting costs and increasing transparency.
Julian Chesser, Head of Asia Pacific at Delta Capita, expanded on this point, discussing how collaboration and mutualisation will play a critical role in overcoming the challenges ahead:
“If we collaborate and share risk, particularly around innovation, we stand a far greater chance of success. Facing the future together and using new techniques is the way to push past the fears around fees, regulation, and fragmentation.”
Dan Sleep, Sr Vice President, Digital Assets & Financial Markets at Northern Trust, highlighted that the evolution of tokenisation is still in a discovery phase:
“The client value proposition is still crystallising, and we’re on a voyage of discovery. The ability to mobilise assets more efficiently, whether through capital efficiency or operational workflows, is what excites us about the future of tokenisation.”
This future was not portrayed as a far-off dream but as a logical evolution that is already beginning to take shape. Jakub Smolinski, of Synpulse, echoed this sentiment, noting that institutions like BlackRock and Schroders are already taking steps toward fully tokenised offerings. The transition, however, will require a significant shift in infrastructure—not just in terms of technology, but in the mindset of both financial firms and regulators.
AI and Automation: Shaping the Investor Experience
By 2030, the role of AI is expected to grow exponentially. In a live poll during the event, the majority of participants agreed that AI would play a key role in retail investment advice by 2030. Panellists acknowledged the industry’s historical focus on internal efficiencies but now see AI driving deeper changes in how investment decisions are made and communicated to investors.
AI will likely reshape client interactions, streamlining everything from investment advice to reporting, while providing personalised insights based on real-time data. Importantly, it promises to empower end-investors by giving them greater access to sophisticated tools previously reserved for institutional clients. As Euan Mcleod, Head of Transfer Agency APAC at SS&C, noted:
“People would much rather self-service through a digital channel and be able to do a lot more of their investmenets online. It’s about making it easy for investors to access the funds.”
The shift towards a more data-driven, investor-centric model will be a hallmark of the industry by 2030.
Generational Wealth Transfer and the Rise of Personalisation
A crucial driver of this transformation will be the generational wealth transfer already underway. By 2030, $68 trillion USD is expected to change hands as baby boomers pass wealth on to younger generations, who have markedly different investment preferences and expectations. Jacqueline Liau, Head of Securities Services ASEAN at HSBC, underscored the importance of co-creating solutions with clients:
“Our clients are looking for people to co-create solutions, not just sell them products. It’s about connecting them to the expertise they need and innovating based on their real-world challenges.”
This generational shift is expected to fuel demand for tokenised products and digital investment vehicles, which offer flexibility and transparency, and can be tailored to specific investor needs. By 2030, mutual funds and exchange-traded funds (ETFs) will remain prominent, but the growth trajectory of tokenised collective investment vehicles is expected to accelerate, outpacing traditional models.
Challenges Along the Road to 2030
While the vision for 2030 is filled with optimism, the Forum also highlighted several challenges that need to be addressed. A key issue is the fragmentation of legacy systems, which continue to create inefficiencies in fund distribution and settlement processes. Panellists stressed that “fixing the plumbing” is a critical first step toward enabling the future the industry envisions. Collaboration between fintech firms, traditional players, and regulators will be vital in overcoming these barriers.
Simon Keefe, reflecting on how tokenisation is moving from proof of concept to production, noted:
“Tokenisation is already in production. It’s not just about pilots anymore—we’ve crossed the first hurdle, and now it’s about scaling, ensuring new investors and personalised portfolios can integrate seamlessly with traditional operations.”
Regulation itself was another major topic of discussion. Many agreed that while regulatory support—especially in markets like Singapore—is strong, international alignment will be needed to ensure the smooth adoption of technologies like DLT. Singapore’s Project Guardian, which explores tokenisation, was cited as an example of forward-thinking regulation, but the need for global cooperation was clear.
A Future of Real-Time Investment and Greater Investor Control
Ultimately, the 2030 vision presented at the Calastone Connect Forum was one of transparency, efficiency, and investor empowerment. Real-time data flows, automated fund administration, and a digital-first approach will dominate. Asset managers, distributors, and investors will no longer need to contend with the friction inherent in today’s processes. Instead, they will operate in an environment where all investment data—from asset registers to fund pricing—flows seamlessly, allowing for faster product creation, improved liquidity, and instant settlement.
By 2030, the investment industry will look radically different, not just in how products are created and sold, but in how investors engage with and control their portfolios. As Julian Chesser pointed out:
“If we can help enable a cluster of clients bridge this gap between DeFi and TradFi in the next 12 months, that will be tremendous for the industry. Without it, real scale innovation may take much longer to realise.”
The Forum made clear that the foundations of this future are being laid today, and those firms that are bold enough to innovate, adapt, and collaborate will be best positioned to thrive in the decade ahead. The countdown to 2030 is already underway, and as Brian Godins reminded the audience, “the day after tomorrow is very, very soon.”
