As operational teams across the investment industry face mounting pressure to do more with less, the conversation is shifting: from isolated cost-cutting to scalable transformation; from back-office perception to strategic positioning.

We spoke with Cliff Bullock, Regional Head of Operations, Asia Pacific at Invesco, who shared how his firm is navigating this shift through a deliberate blend of standardisation, technology enablement, and long-term operational thinking. His insights frame a larger story of how investment operations are evolving into both drivers and enablers of enterprise value.

Efficiency Through Standardisation and Scale

At Invesco, efficiency gains haven’t come from quick wins, but from long-term decisions to simplify and unify the operating model.

“The greatest efficiency gains have come from a deliberate focus on global standardization and simplification. By aligning processes and practices across regions, we’ve reduced complexity and created a more consistent operating model.”

This focus is enabled by a shared technology stack across geographies, reducing duplication and unlocking interoperability. Workflow tools support end-to-end collaboration, streamlining execution and eliminating manual handoffs. The key, Cliff notes, is balancing global design with local delivery - building scalable systems that serve regional needs without reinventing the wheel.

Measuring ROI Through Multiple Lenses

When it comes to evaluating the success of transformation efforts, Invesco takes a multi-dimensional view of ROI that balances cost, control, and client outcomes.

1. Operating Efficiencies that look for tangible improvements in productivity, cost optimization, and process automation. This includes reducing manual touchpoints, accelerating turnaround times, and improving scalability across our operational workflows. These efficiencies translate directly into measurable savings and enhanced capacity to support growth.
   
   
2. Risk Mitigation where ROI is also assessed through the lens of reducing operational risk. Investments in technology and transformation help strengthen controls, improve data integrity, and enhance resilience against disruptions. By minimising errors and ensuring compliance, both the firm and clients are protected from potential financial and reputational impacts.
   
   
3. Client Experience and Service Differentiation which evaluates how these initiatives elevate the client experience. This means delivering faster, more transparent, and more reliable services while introducing capabilities that differentiate Invesco in the market. The goal is to ensure that every transformation not only improves internal operations but also creates a competitive advantage for clients.

Cost vs Quality: A False Trade-Off

Invesco’s approach to cost management is clear: efficiency should never come at the expense of resilience or service quality.

“Service quality and resilience are non-negotiable priorities. They are our north stars.”

Instead of cutting for its own sake, the firm focuses on aligning efficiency initiatives with broader goals such as reducing risk, improving the client experience, and enabling scale. In this way, cost decisions are designed to strengthen the operating platform, not dilute it.

Where the Next Cost Savings Will Come From

So where does the next stage of cost optimisation come from? For Cliff, advanced technologies and AI are key levers. Not for novelty, but for transformation.

“In the current environment, the biggest opportunities for operational cost savings lie in leveraging advanced technologies to optimise our end-to-end processes,” he shares. “Artificial intelligence is clearly front of mind as we look to transform the way we work. These leading technologies will help us identify efficiencies, automate routine tasks, and enhance decision-making across the value chain.”

But just as important is the firm’s ability to scale these solutions effectively.

“Scaling remains a critical requirement for driving greater efficiency,” he notes. “To achieve this, we are focused on adopting robust technology platforms and deepening collaboration with our strategic partners to deliver better outcomes, at scale.”

Operations at the Strategic Table

Perhaps the most powerful signal comes from the top. At Invesco, operations doesn’t report to strategy…it sits alongside it.

“Our executive leadership team is fully invested in the strength of our operational capabilities. They recognize that delivering class-leading investment platforms requires equally class-leading operational capabilities.”

This means operations is not viewed as a traditional back-office function, but as a critical stakeholder in client experience, scalability, and risk management.

“Our leaders actively welcome Operations executives into strategic discussions,” Cliff explains. “By embedding Operations perspectives early in the decision-making process, we ensure that strategic initiatives are not only innovative but also executable and sustainable.”

Conclusion: Reframing the Role of Ops

Cliff Bullock’s perspective offers a powerful signal for the industry: that operational excellence is no longer just a function of execution, they’re a core enabler of strategic growth, resilience, and client trust.

In the lead-up to the upcoming InvestOps Asia conference, his views reflect a wider shift across the buy side, where the operational agenda is no longer siloed, but central to the future of investment management.

Are you interested to hear more leaders discuss the future of investment operations? The conversations continues at InvestOps - download the agenda to see who else is attending this year.