Investment professionals make up less than a fifth of headcount at Top 50 firms. Close to 90% of Top 50 managers now operate their ManCo function internally, pulling governance, oversight and risk in-house. What follows is FundGuard’s take on what the numbers mean for firms mapping out operational investment over the next couple of years. Investment professionals account for under 21% of headcount at Top 50 firms, which average 2,450 employees globally. Separately, 79% of Top 50 firms offer non-UCITS fund ranges alongside their UCITS business.