The foundation of the asset management industry is, and always will be, finding the value proposition. Chasing alpha is how we make our money. So it should be good news that many asset managers have a value proposition hiding in plain sight: their middle-office operations. While it may not be an obvious investment opportunity, there is often very real potential to deliver significant value by outsourcing the bulk of middle-office operations, and deliver value beyond just head-count reduction. All areas of the firm can find opportunity and scale from an outsourced middle-office, including distribution, client service, portfolio management and trading.