In today's rapidly evolving digital world, the distribution landscape feels like it is shifting faster than the industry can map it. Younger, digital‑native investors are entering the market with different expectations, advisors are navigating clients who sense‑check recommendations through AI tools, and product innovation is accelerating.
At FundForum 2026, Anastasia Georgiou, Director of Market Expansion Strategy, Morningstar, argues that asset managers can no longer rely on product attributes or platform placement alone. Visibility, relevance and trust now depend on showing real portfolio impact, communicating in more intuitive formats and adapting distribution strategies to a world where AI shapes both investor behaviour and internal workflows.
Product attributes to customer outcomes
Anastasia explains that the traditional model of distribution, centred on fund performance, ratings and platform lists, is losing traction. The customer has moved to the centre of the story. Managers must demonstrate not just how a product performs, but what it does for the end investor inside a real portfolio. She points to the UK market, where advised assets increasingly flow through managed portfolios, with more than 1,300 funds sitting across them. In this environment, managers need to show clearly how their product improves a portfolio and how it compares to competitors within the same model. The shift is no longer theoretical. It is already shaping how flows move.
Model portfolios and the 1,300‑fund teality
The scale of UK model portfolios creates both opportunity and pressure. With so many funds represented, managers must actively participate to remain visible to advisors. But participation alone is not enough. Anastasia stresses that managers must articulate the portfolio impact of their product inside these models. Advisors want to understand how a fund behaves alongside others, how it contributes to outcomes and how it differentiates itself. The competitive set is no longer defined by broad categories but by the specific funds that sit shoulder‑to‑shoulder inside model allocations.
Communication must become personalised and intuitive
The industry’s communication style has not kept pace with the customer. PDFs, fact sheets and dense numerical reporting remain the default, yet most retail investors do not engage with them. Anastasia argues that communication needs to evolve into formats that feel natural to the customer, whether that is video, audio, or personalised digital content. She notes that what matters to one investor may be irrelevant to another, and technology now allows managers to surface the information most meaningful to each individual. Personalisation, she says, does not always mean a personalised portfolio. It can also mean personalised communication that meets the customer where they are.
AI‑native clients and the new advisor dynamic
AI is already reshaping investor behaviour. Advisors increasingly report that clients sense‑check recommendations through tools like ChatGPT or Claude. Even advised clients are arriving with AI‑generated opinions, questions and comparisons. Direct investors are doing the same. For asset managers, this means they must show up in the places where customers seek information: including AI interfaces. The advisor‑client relationship is evolving into a three‑way dialogue between advisor, investor and AI, and managers need to understand how their products are being interpreted in that environment.
Active ETFs, new structures and product innovation
Product innovation is accelerating. Anastasia highlights the rise of active ETFs, public‑private conversions and new structures that blend liquidity, access and efficiency. These developments are reshaping how investors build portfolios and how managers position their offerings. Younger investors, who are digitally native and accustomed to intuitive interfaces, are driving demand for products that feel modern, transparent and easy to understand. Managers who adapt quickly will be better positioned to capture this next generation of flows.
Personalised portfolios vs. personalised communication
Anastasia sees personalisation evolving along two paths. One is portfolio personalisation, where technology enables tailored allocations, direct indexing‑style exclusions or tax‑optimised structures. The tools exist, but trust and adoption still need time to mature. The other path is communication personalisation, which she believes will scale more quickly. Investors want information delivered in formats that suit them (podcasts, videos, or even traditional documents) but tailored to their priorities. The product itself may remain standardised, yet the way it is explained becomes bespoke.
AI and the future of internal workflows
AI is also transforming how asset managers operate. Anastasia notes that most adoption so far has focused on internal efficiencies, doing more with less, scaling client service and improving workflows. But she expects the impact to broaden. As AI becomes embedded in both investor behaviour and advisor processes, managers will need to rethink how they support distribution, how they present information and how they maintain trust in an environment where clients arrive with AI‑generated insights.
A strategic imperative for asset managers
Anastasia’s message is clear. Distribution strategies must evolve to meet a younger, more digital and increasingly AI‑native client base. Managers who demonstrate portfolio impact inside model environments, communicate in intuitive and personalised ways, embrace product innovation and understand how AI shapes investor behaviour will be best positioned to stay visible, relevant and competitive in a rapidly changing landscape.
