Marc Mallett contends that when it comes to asset servicing, the industry has largely focused on reducing cost and complexity for users. Where asset servicers have faltered, though, is alpha generation.

“Historically—whether it’s Northern Trust or other asset servicers—we’ve focused on solving the first problem, which is helping clients drive cost and efficiency. But we haven’t really focused on investment alpha. We’ve talked a lot about operational alpha. We don’t believe anyone has really