Emerging money managers that can scale and innovate to provide the full spectrum of “jobs to be done” - technical, functional and emotional - will thrive in the future. These managers will not only embrace the professionalization of their own management teams, their economics will also benefit from capital fleeing managers who failed in their leadership challenges, particularly succession planning. The failure of Castle Harlan - a private equity firm with a 28 year track record - to transition its leadership economics exemplifies the risk of botched talent management. There is an emerging niche of service providers which help existing money managers grow their own leadership capacity and effectively manage the transition to a new generation of leaders. These management skills, the firms that develop them, and the firms that embrace them throughout their culture will be much in demand going forward.