“There is a time to compete, and then there is a time to execute,” says Jörg Ambrosius, describing how technology and service providers have revised the way they think about their competitors, not only on the buy side, but across the industry.

The head of business for State Street’s Europe, Middle East, and Africa team says this change is driven by a demand for more choice—both for vendors and best-of-breed solutions—which in turn has forced providers’ hands to develop interoperable tech and