Best Practices for Data Collection for Asset Managers

Performance is no longer the only thing that defines success in asset management.

UK firms are being judged just as much on how they manage their data – how quickly they can access it, how confidently they can report it, and how consistently they can use it to inform decisions.

And that’s tough to do when systems don’t talk to each other, teams are stuck in spreadsheets, definitions aren’t consistent, and no one fully trusts the numbers.

Data collection plays a strategic role not just in how strategic managers run their operations, but also in how they manage to stay competitive. 

What follows is a practical framework to help firms collect data more effectively, reduce risk, and stay audit-ready year-round. 

Why Data Collection Matters

Strong data is the foundation of everything in asset management. 

If your numbers are accurate and up to date, your investment decisions are sharper and more confident. It’s much easier to spot opportunities, manage risk, and deliver results when the data behind it all can be trusted.

Clients also expect more than just performance. They want clear, personalised reports and quick answers when they ask questions. None of that is possible without a reliable flow of good data.

Regulators are raising expectations too. Whether it’s the FCA or new ESG rules like SDR and TCFD, firms need to show that their data is complete, consistent, accurate, and easy to trace.

And then there’s the bigger picture. Firms with stronger data capabilities simply move faster, respond better, and build more trust. 

That’s a clear advantage in a competitive market. Still, 54% of firms say data errors are a challenge.

The Four Pillars of Data Collection Excellence

Getting data collection right is not just about what you collect, but about how you collect it.

These four principles form the foundation of a stronger and smarter approach:

1. Accuracy and Quality at Source

Data needs to be right from the moment it enters your systems. 

That means setting up validation checks at the point of entry, using automation to catch issues early, and making sure the source systems you rely on are dependable. 

If the data’s wrong to begin with, everything downstream is compromised.

1. Completeness and Consistency

You can’t afford gaps or mismatched definitions. 

Aim for full coverage across all relevant asset classes, standardise how data is formatted and labelled, align terminology across teams, and make sure everything connects across internal and external systems.

Consistent and complete data is easier to use, easier to explain, and far less likely to create problems later.

1. Timeliness and Accessibility

Speed matters. Whether it’s for a client report or an investment decision, people need access to the latest data without delays.

That means collecting in real time where possible and making sure the right people can access the right data when they need it.

1. Security and Compliance

Data has to be handled responsibly. 

That includes clear governance, proper access controls, protection under regulations like GDPR, and audit trails that show where data came from and how it’s been used. 

It has to do with trust, transparency, and staying ready for whatever the regulator asks for next.

Best Practices for Data Collection: A Practical Framework

Once the foundations are in place, it’s time to make them work. 

These seven practices will help your firm collect better data with greater efficiency and consistency, and fewer surprises when audit season rolls around.

1. Establish a Data Collection Strategy

Start by aligning your data collection with actual business goals. Be clear about what data you really need and what’s just distraction. 

The goal is quality over quantity. Collect what is important, map it to outcomes, and let the rest go. 

1. Standardise Data Sources and Formats

Create a common language across systems and teams. Use consistent taxonomies and data models to reduce the need for manual fixes and reformatting. 

When everyone’s speaking the same data language, reconciliation becomes a lot less painful.

1. Automate Collection Where Possible

Manual data entry is time-consuming and error-prone. Wherever you can, set up APIs and data feeds to automate ingestion. 

Add automated checks at the front door so bad data gets caught before it spreads.

1. Implement Multi-Source Integration

Bring in data from all relevant sources, including custodians, fund admins, market data providers, even ESG and sentiment feeds. 

Use a data fabric or integration platform to bring everything together in one consistent and accessible place.

1. Build in Quality Controls

Don’t wait until something breaks. Use validation rules, anomaly detection, and routine data profiling to stay ahead of issues. 

It’s better to catch problems in real time than clean up later.

1. Ensure Data Governance

Good data needs clear owners. 

Define who’s responsible for what, document everything properly, manage access to sensitive data, and make sure you’re meeting regulatory standards like GDPR and FCA expectations.

1. Monitor and Continuously Improve

Data isn’t static. Track your quality metrics, review your collection process regularly, and adapt based on feedback and changing business needs. 

The best firms don’t stop at maintenance. They keep on evolving. 

Key Technologies Enabling Effective Data Collection

The right technology can take a solid data strategy and make it scalable and efficient.

Below are four tools that can help strengthen your data foundation: 

• Data integration platforms (or data fabrics) help connect the dots – pulling together feeds from custodians, fund admins, market sources, and internal systems into one consistent view.
  
  

• Cloud-native infrastructure gives your firm the flexibility to scale up or down, add new data sources quickly, and cut back on the cost and complexity of on-prem setups.
  
  

• AI and machine learning AI and machine learning play a growing role in spotting errors, cleaning data automatically, identifying patterns and outliers, and flagging anything that doesn’t look quite right, without needing manual review.
  
  

• Real-time data pipelines keep everything moving. They reduce delays, so your systems can always work with the latest information. Ideal for fast-moving decisions and time-sensitive reporting.

Common Challenges and How to Overcome Them

Even with the best intentions, firms often run into the same roadblocks when trying to improve data collection.

Asset managers typically face three big obstacles – but fortunately, none of them are permanent:

• Data silos

When systems don’t talk to each other, teams end up duplicating work or missing pieces. 

Integrating platforms and building a central data hub can give everyone access to the same, trusted information.

• Legacy infrastructure

Old systems weren’t built for the speed, volume, or complexity of today’s data needs. A phased move to cloud-native tools helps firms modernise without taking on too much change at once.

• Resource constraints

When IT and data teams are stretched thin, progress stalls. Automation, self-service reporting tools, better workflow design, and selective outsourcing can relieve the pressure and keep things moving.

Measuring Success: KPIs for Data Collection

To know if your data collection approach is working, track a few key metrics consistently:

• Data accuracy rate – Measures the percentage of records that are error-free and reliable.
• Timeliness – Tracks how quickly data becomes available after it’s generated or received.
• Coverage completeness – Looks at how much of the required data is actually being collected.
• System uptime – Reflects the reliability and availability of your data platforms.
• User satisfaction – Captures feedback from internal users on data accessibility and quality.
  
  

Conclusion: Where Strong Data Starts Paying Off

When data collection works the way it should, it makes everything else easier. You get faster answers, cleaner reports, fewer surprises, and a lot more confidence in the numbers you rely on every day. It also means you're better prepared for audits, changing regulations, and whatever clients ask for next.

This is a good moment to step back and look at how things are working in your firm. Is your process giving you what you need? Are there gaps worth fixing? Use the framework in this guide as a starting point. Keep improving, and treat data collection as something that deserves time and attention. The benefits show up quickly once the foundations are in place.

If you’re not sure where to begin, start by assessing your current data collection maturity – where you are now, and where you could be.

 Assess Your Data Collection Maturity Today