Performance is no longer the only thing that defines success in asset management.
UK firms are being judged just as much on how they manage their data – how quickly they can access it, how confidently they can report it, and how consistently they can use it to inform decisions.
And that’s tough to do when systems don’t talk to each other, teams are stuck in spreadsheets, definitions aren’t consistent, and no one fully trusts the numbers.
Data collection plays a strategic role not just in how strategic managers run their operations, but also in how they manage to stay competitive.
What follows is a practical framework to help firms collect data more effectively, reduce risk, and stay audit-ready year-round.
Strong data is the foundation of everything in asset management.
If your numbers are accurate and up to date, your investment decisions are sharper and more confident. It’s much easier to spot opportunities, manage risk, and deliver results when the data behind it all can be trusted.
Clients also expect more than just performance. They want clear, personalised reports and quick answers when they ask questions. None of that is possible without a reliable flow of good data.
Regulators are raising expectations too. Whether it’s the FCA or new ESG rules like SDR and TCFD, firms need to show that their data is complete, consistent, accurate, and easy to trace.
And then there’s the bigger picture. Firms with stronger data capabilities simply move faster, respond better, and build more trust.
That’s a clear advantage in a competitive market. Still, 54% of firms say data errors are a challenge.
Getting data collection right is not just about what you collect, but about how you collect it.
These four principles form the foundation of a stronger and smarter approach:
Data needs to be right from the moment it enters your systems.
That means setting up validation checks at the point of entry, using automation to catch issues early, and making sure the source systems you rely on are dependable.
If the data’s wrong to begin with, everything downstream is compromised.
You can’t afford gaps or mismatched definitions.
Aim for full coverage across all relevant asset classes, standardise how data is formatted and labelled, align terminology across teams, and make sure everything connects across internal and external systems.
Consistent and complete data is easier to use, easier to explain, and far less likely to create problems later.
Speed matters. Whether it’s for a client report or an investment decision, people need access to the latest data without delays.
That means collecting in real time where possible and making sure the right people can access the right data when they need it.
Data has to be handled responsibly.
That includes clear governance, proper access controls, protection under regulations like GDPR, and audit trails that show where data came from and how it’s been used.
It has to do with trust, transparency, and staying ready for whatever the regulator asks for next.
Once the foundations are in place, it’s time to make them work.
These seven practices will help your firm collect better data with greater efficiency and consistency, and fewer surprises when audit season rolls around.
Start by aligning your data collection with actual business goals. Be clear about what data you really need and what’s just distraction.
The goal is quality over quantity. Collect what is important, map it to outcomes, and let the rest go.
Create a common language across systems and teams. Use consistent taxonomies and data models to reduce the need for manual fixes and reformatting.
When everyone’s speaking the same data language, reconciliation becomes a lot less painful.
Manual data entry is time-consuming and error-prone. Wherever you can, set up APIs and data feeds to automate ingestion.
Add automated checks at the front door so bad data gets caught before it spreads.
Bring in data from all relevant sources, including custodians, fund admins, market data providers, even ESG and sentiment feeds.
Use a data fabric or integration platform to bring everything together in one consistent and accessible place.
Don’t wait until something breaks. Use validation rules, anomaly detection, and routine data profiling to stay ahead of issues.
It’s better to catch problems in real time than clean up later.
Good data needs clear owners.
Define who’s responsible for what, document everything properly, manage access to sensitive data, and make sure you’re meeting regulatory standards like GDPR and FCA expectations.
Data isn’t static. Track your quality metrics, review your collection process regularly, and adapt based on feedback and changing business needs.
The best firms don’t stop at maintenance. They keep on evolving.
The right technology can take a solid data strategy and make it scalable and efficient.
Below are four tools that can help strengthen your data foundation:
Even with the best intentions, firms often run into the same roadblocks when trying to improve data collection.
Asset managers typically face three big obstacles – but fortunately, none of them are permanent:
When systems don’t talk to each other, teams end up duplicating work or missing pieces.
Integrating platforms and building a central data hub can give everyone access to the same, trusted information.
Old systems weren’t built for the speed, volume, or complexity of today’s data needs. A phased move to cloud-native tools helps firms modernise without taking on too much change at once.
When IT and data teams are stretched thin, progress stalls. Automation, self-service reporting tools, better workflow design, and selective outsourcing can relieve the pressure and keep things moving.
To know if your data collection approach is working, track a few key metrics consistently:
When data collection works the way it should, it makes everything else easier. You get faster answers, cleaner reports, fewer surprises, and a lot more confidence in the numbers you rely on every day. It also means you're better prepared for audits, changing regulations, and whatever clients ask for next.
This is a good moment to step back and look at how things are working in your firm. Is your process giving you what you need? Are there gaps worth fixing? Use the framework in this guide as a starting point. Keep improving, and treat data collection as something that deserves time and attention. The benefits show up quickly once the foundations are in place.
If you’re not sure where to begin, start by assessing your current data collection maturity – where you are now, and where you could be.
Assess Your Data Collection Maturity Today