As product complexity rises, asset managers reassess how product teams are staffed and deployed
August 12, 2026, BOSTON—Asset managers are expanding product capabilities across vehicles, solutions, asset classes, and geographies, creating new demands on product organizations. These pressures are prompting firms to revisit how product teams are segmented, where incremental headcount is needed, and how product development and management resources are allocated, according to the latest Cerulli Edge—U.S. Institutional Edition.
As product complexity increases, firms are reconsidering their product team structures. According to the research, 67% of managers currently segment their product management functions; however, only 16% view that structure as ideal. As a result, many firms are evaluating hybrid models that combine factors such as asset class, vehicle, and region.
“For U.S. managers, Cerulli is seeing more interest in team structures that combine asset class and vehicle expertise,” says Brendan Powers, senior director. “This shift is particularly relevant for firms building capabilities in ETFs, interval funds, alternatives, and other areas that require more specialized product knowledge,” he adds.
Product teams are also reassessing how they allocate time and where more resources are needed. More than half of product development teams’ time is spent on new product innovation and implementation, with another 11% dedicated to enhancements or changes to existing products. Staffing needs also vary by firm: large asset managers employ an average of nine product managers, while mid- and small-sized managers employ close to three. Larger firms also average roughly seven product marketers and seven product developers, reflecting the broader organizational infrastructure needed to support larger product platforms.
“As product offerings expand, strategically allocating appropriate resources to the product function is becoming more important,” says Powers. “Cerulli expects firms that more deliberately align team structure, staffing, and time allocation with changes occurring as a result of product complexity will be better positioned to support distribution, execute new product initiatives, and maintain competitive relevance across vehicles, asset classes, and client segments,” he concludes.
About Cerulli Associates
For over 30 years, Cerulli has provided global asset and wealth management firms with unmatched, actionable insights.
Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.
