Industry dynamics are altering the traditional roles played by industry participants in the capital markets and investment ecosystems. Active investment firms are faced with immediate business challenges that are born from the waves of regulation, passive investing, fee compression trends, and broader capital demands that have emerged since the last financial crisis. These competitive conditions continue to prevail, and at the end of 2018 AUM growth fell for the first time in many years. This has served as a reality check and a galvanizing catalyst for change. What should the buy-side do to adapt?