Last week, AIMA hosted the 13th Next Generation Manager Forum in London, where we welcomed over 230 delegates from 128 firms across 14 countries. Some of the key takeaways from the event are below:

1. Momentum remains strong, but competition is intensifying
   Attendees got a sneak preview of the soon-to-be-published Emerging Manager Report 2026, which highlighted continued growth in the sub-$1bn segment, with smaller managers scaling. At the same time, the market is becoming increasingly competitive, meaning firms must differentiate themselves more clearly than ever before.
2. Institutional quality is expected earlier
   Building a successful firm today requires a multidisciplinary approach across investment, operations, regulation, technology, and investor engagement. Managers are expected to demonstrate institutional-grade capabilities much earlier in their lifecycle.
3. Operational excellence is a critical differentiator
   Operational infrastructure is no longer a secondary consideration. Discussions throughout the day reinforced that building a credible and scalable operating model, even within lean budgets, is essential for growth and investor confidence.
4. External risks are becoming increasingly important
   Geopolitical developments and cyber threats continue to shape the operating environment, requiring managers to embed resilience into both strategy and operations.
5. Regulation and fundraising remain central priorities
   Sessions covering FCA authorisation and the regulatory landscape, and investor relations highlighted the importance of navigating regulatory requirements effectively while also developing strong investor engagement and messaging early on.

A huge thank you to our speakers for sharing their expertise, and to our sponsors for making the event possible. Keep an eye on AIMA's LinkedIn page over the coming days for the event highlight reel.